Which of the following is a key to analyzing short-term business decisions?

A. Focus on relevant revenues, costs, and profits

B. Use a contribution margin approach that separates variable costs from fixed costs

C. Both A and B

D. None of the above

Which of the following is a component of the master budget?

A. Operating budget

B. Capital expenditures budget

C. Financial budget

D. All of the above

Which of the following statements about a Just-in-Time (JIT) management system is true?

A. Such systems use a single Conversion Cost account that works like the Manufacturing Overhead account used in traditional systems

B. Such systems combine Raw and In-Process Inventory into a single account

C. Such systems are sometimes called "backflush" costing because they seem to work backwards - starting with output that is completed and then assigning manufacturing costs to units sold and to inventories

D. All of the above