accounting proctor exam

Which of the following statements is true of cost

Cost is a dollar measure of the resources used to achieve a given benefit

Which of the following is true of expired costs?

Expired cost are used up in the production of revenue

Knowing how costs change as output changes is essential to

Planning controlling and decision making

Which of the following is true of price?

Price must be greater than cost for a firm to ean income

Which of the following is true of variable cost

a variable cost in total changes in direct proportions to changes in output within the relevant range.

Which statement is true about cost volume profit CVP analysis?

a. all of the above

Assigning costs the accountant who spent the money

false

Discretionary fixed cost often involve a long term contract.

false

If fixed cost increases the break even point decreases

false

If one increases variable cost per unit the break even point decreases

false

Price must be greater than cost in order for the firm to generate revenue

false

outliners are points that seem to fit the general pattern of behavior

false

the break even point in sales dollars is equal to the break even units multiplied by cost

false

The salary of the college president is - for a college

fixed cost

depreciation on equipment is an example of a

fixed cost

Total contribution margin divided by total sales the the

contribution margin ration

At the break even point

total contractions margin equals total fixed cost

the break even point is when

total revenue equals total cost

If variable expenses decrease and the price increases, the break-even point decreases.

true

The break even point is where total sales revenue equals total cost

true

The cost of advertising is usually a discretionary fixed cost

true

Total variable costs = variable rate X amount of output

true

accumulating costs is the way that costs are measured and recorded

true

assigning costs involve the way a cost in listed to some object

true

is it beneficial to assign indirect costs to cost objects

true

mixed costs have both a fixed and variable component

true

Total variable cost divided by price is

variable cost rational

Which of the following would not be an example of a fixed cost

The electricity bill paid for production

Which of the following statements best describes an indirect cost?

an indirect cost is assigned to a cost object using allocation

discretionary fixed costs does not include

leasing cost