Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I was hoping someone could check over my answers and help me with some accounting problems im brushing up on ?Thank you. 1. As production

I was hoping someone could check over my answers and help me with some accounting problems im brushing up on ?Thank you.

1. As production levels decrease the fixed cost per unit:(I said C)

A) decreases

B) increases

C) stays the same

D) none of the above

2. Even though there is a slight change in the sales mix, the breakeven point is the same.( I said false)

True

False

3. If production exceeds sales, the net income with respect to absorption costing and variable costing.I chose (C)

A) is the same

B) lower under absorption

C) higher under absorption

D) higher under variable

5. As production levels increase the variable cost per unit: I chose (c)

A) increases

B) decreases

C) stays the same

D) none of the above

6. There is a fixed cost element in ending inventory using the variable costing approach.(I said true)

True

False

7.

Lines, Inc. applies overhead at the standard rate of $20/units, based on anticipated production of 2,000 units. If Line's actual overhead is $41,000, the overhead volume variance is:(I said B)

A) 1,000 favorable

B) 1,000 unfavorable

C) cannot tell from data given

D) none of the above

8. The present value of cash flow allows an individual to assess( B)

A the value of a present cash flow.

B) the value of a stream of cash flows in terms of the best alternative.

C) Both A and B

D) Neither A nor B

Thank you in advance!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Budget Bible Budgeting Made Simple

Authors: Jessica Charise Brant, Adrienne Homet Hand

979-8218059880

More Books

Students also viewed these Accounting questions

Question

What is a management information system?

Answered: 1 week ago