Fixed costs depend on the:

Select one:

a. amount of resources acquired

b. amount of resources used

c. volume of sales

d. volume of production

Which of the following types of information are used in management accounting?

Select one:

a. financial information

b. information focused on the long term

c. nonfinancial information

d. All of these answers are correct

The production component of the value chain refers detailed planning, engineering, and testing of products and processes.

Select one:

True

False

The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is:

Select one:

a. conversion costing

b. cost assignment

c. cost tracing

d. cost accumulation

Period costs:

Select one:

a. are treated as expenses in the period they are incurred

b. are directly traceable to products

c. are also referred to as manufacturing overhead costs

d. include direct labor

Period costs:

Select one:

a. are treated as expenses in the period they are incurred

b. are directly traceable to products

c. are also referred to as manufacturing overhead costs

d. include direct labor

The collection of accounting data in some organized way is:

Select one:

a. cost assignment

b. cost tracing

c. conversion costing

d. cost accumulation

The most likely cost driver of direct labor costs is the:

Select one:

a. number of production hours

b. number of machine setups for the product

c. number of machine hours

d. number of miles driven