What are the answers? I. Fill in the blank: Only Bold ones can be used more than once. Break-even volume Budgeting Contribution margin Controller Conversion- cost Financial- accounting Fixed- cost Management accounting Non-monetary data Opportunity cost Period cost Precision Prime cost Product cost Responsibility center Semi-variable costs Step function cost Sticky Sunk cost Variable cost 1. __________________ is concerned with providing information for the use of those who are inside the organization, whereas ___________________ is concerned with providing information for the use of those who are outside the organization. 2. Managerial accounting places less emphasis on _______________ and more emphasis on ________________ than financial accounting. 3. A(n) _________________ is an organization unit headed by a manager who is responsible for its operations and performance. 4. Estimates of future responsibility costs are used in the planning process, particularly in the annual planning process called _______________. 5. A __________________ remains constant in total amount. It does not vary with volume of activity, but varies per unit of activity. 6. _______________ remains constant if expressed on a unit basis. It changes in total as the level of activity changes. 7. __________________ are those costs that include a combination of variable cost and fixed cost items. 8. Some costs are _____________ primarily because managers tend to increase resources more readily when volumes increase than they reduce them when volumes decrease. 9. _________________are incurred when resources are used in discrete chunks such as when one supervisor is added for every additional non-supervisory employees. 10. Crestline Books, Inc., prints a small book titled The Picket Speller. The paper going into the manufacture of the book would be called direct materials and classified as a _____________ cost. In terms of cost behavior, the paper could also be described as ________________ cost with respect to the number of books printed. 11. Instead of compiling the words in the book, the author hired by the company could have earned considerable fees consulting with business organizations. The consulting fees forgone by the author would be called _________________. 12. The paper and other materials used in the manufacture of the book, combined with the direct labor cost involved, would be called ______________ cost. 13. The salary of Crestline Books president would be classified as a ______________ cost, and the salary will appear on the income statement as an expense in the time period in which it is incurred. 14. Depreciation on the equipment used to print the book would be classified by Crestline Books as a _____________ cost. However, depreciation on any equipment used by the company in selling and administrative activities would be classified as a _____________ cost. In terms of cost behavior, depreciation would probably be classified as a ___________ cost with respect to the number of books printed. 15. The ________________ is the amount remaining from sales revenues after variable expenses have been deducted. This amount contribute toward covering fixed expenses and then toward profits for the period. 16. At the ________________, total costs equal total revenue. 17. A ____________ cost is also known as an inventoriable cost, since such costs go into the Work in Process inventory account and then into the Finished Goods inventory account before appearing on the income statement as part of cost of good sold. 18. Taken together, the direct labor cost and manufacturing overhead cost involved in the manufacture of the book would be called ______________ cost. 19. Crestline Books sells the book through agents who are paid a commission on each book sold. The company would classify these commissions as a ________________ cost. In terms of cost behavior, commissions would be classified as a _____________ cost. 20. Several hundred copies of the book were left over from the previous edition and are stored in a warehouse. The amount invested in these books would be called a _____________ cost. 21. Costs can often be classified in several ways. For example, Crestline Books pays $4,000 rent each month on the building that houses its printing press. The rent would be part of manufacturing overhead. In terms of cost behavior, it would be classified as a ___________ cost. The rent can also be classified as a ___________ cost and as part of _____________ cost