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Name PART I. PAIRING FINAL EXAMINATION Carefully read each of the vocabulary words and match mymore with their correct meaning circulating the correct answer. (40 points 2 points each) Match 1- _ 2- _ 3- _ 4. J 5. Question Items Account Fixed cable Quantitative qualities Eceakcen Point Incremental Analysis Cost Drivers Budget Managerial Accounting Target cost Investment Centers Qualitative qualities Cost Centers Answer Items To. Focuses on information for people incom pany- related international institutions B. It focuses on information for people in external institutions related to the company. C. Individual accounting record that increases or decreases a liability, liability or capital of the enterprise. D. Set of methods used in the control of production operations applicable to industries that manufacture their products by means of assembly, batches and other characteristics. E. A process used in industries whose production is continuous, mass-produced, uniform, of the processing of the product, where there is not a great variety of processed articles. F. Uses cost drivers to allocate group costs per activity to products or services. 6. Costs that change in direct proportion to changes in activity or related total volume. H. Administrative-ma nagerial salaries |. Semivaria ble costs J. Tool indicating the minimum level of sales required to cover all costs K. The process of focusing attention on factors that change from one course of action to another. L. It is directly related to the market price and the desired utility for a product or service. 13. B Financial Accounting 14. D Production order cost system 15.6 Variable costs 16. Profit and loss budget 17._ Accounting by Responsibility Centers 18.E Process Cost System 19. l_ Mixed costs 20. F ABC Cost System PART II. TRUE OR FALSE M. Market niche N. Hourly productivity 0. Plans to a specific period of time and in written form. Q. Indicates the expected profitability of operations for the budgeted period. Q. It involves a series of information about costs and revenues that managers have as responsibility when making decisions about the products and services they manage. A. Incurs costs and expenses but generates sales directly 3. Has control over decisions related to assets available to be used T. Measures of activity or factors that have a direct relationship of activities to resources used or consumed. Carefully read each of the following statements and indicate whether they are true (C) or false ( F) (48 points - 2 points each) 1. The financial statements are the documents that the company must prepare at the beginning of the accounting year in order to know the financial position and economic results obtained in the activities of the company over a period (a) True (b) False 2. over a range ofactivity the total mixed cost may remain the same and therefore behaves as a fixed cost (a) True (b) False An activity is an event, action, transaction, or sequence of tasks that ca uses a cost to be incurred to manufacture products or provide services. (a) True (b) False Examples of "cost drivers" or groups by activity are: customer orders, machine calibration and inspection. (a) True (b) False In traditional systems, machine hours or machine hours are a significant part of production costs and there is a high correlation between overhead costs and labor hours or costs, or machine hours. (a) True (b) False (a) True (b) False A sunk cost is a cost that has already been incurred and cannot be avoided, regardless of the manager's decision. (a) True (b) False 8. The marginal contribution is the sum of sales and variable costs. (a) True (b) False 9. (a) True (b) False 10. The budget planning process establishes the company's goals (a) True (b) False 11. Responsibility centers consist of three types: cost center, performance center, and productivity center. (a) True (b) False 12. (a) True (b) False 13. Cost center managers have no authority to incur costs (a) True (b) False 14. Examples of cost centers are generally production or service departments (a) True (b) False 15. Prot center managers are evaluated on their ability to generate profitability at their centers (a) True (b) False 16. Management accounting has undergone many changes in recent years. Among these he has turned his attention to service companies and to improving practices to better serve the needs of managers. (a) True (b) False 17. In a T account, debits (Dr.) increase liabilities and assets decrease (a) True (b) False 18. Credits (Cr.) in an account decrease assets and increase liabilities. (a) True (b) False 19. In the equity or capital of the company, debits (Dr.) increase equity and credits (Cr.) decrease equity (a) True (b) False 20. In the case of profit and loss statement, debits (Dr.) decrease sales and increase expenses. (a) True (b) False 21. (a) True (b) False 22. (a) True (b) False 23. (a) True (b) False 24. (a) True (b) False PART III. Order the following steps in the allocation of costs of "overhead" in the costing by activities (Place steps by numbers 1, 2, 3 and 4} (12 points - 3 points each) A. The application rate of the "overhead" is computed for each cost driver. _ B. Identifies and classifies activities and assigns overhead costs to activity groups ("cost pools\"). C. Assign each cost group to products or services using the application rate for each cost driver. D. Identify cost drivers that have a strong correlation with accumulated costs in activity groups