cost accounting test bank chapter 3.docx
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cost accounting test bank chapter 3.docx
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costaccountingtestbankchapter3
CostAccounting,15e(Horngren/Datar/Rajan)
Chapter3Cost-Volume-ProfitAnalysis
Objective3.1
1)Managersusecost-volume-profit(CVP)analysisto________.
A)forecastthecostofcapitalforagivenperiodoftime
B)tostudythebehaviorofandrelationshipamongtheelementssuchastotalrevenues,totalcosts,andincome
C)estimatetherisksassociatedwithagivenjob
D)analyseafirm'sprofitabilityandhelptodecidewealthdistributionamongitsstakeholders
Answer:
B
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
2)OneofthefirststepstotakewhenusingCVPanalysistohelpmakedecisionsis________.
A)calculatingthebreak-evenpoint
B)identifyingthevariableandfixedcosts
C)calculationofthedegreeofoperatingleverageforthecompany
D)estimatingthevolumeofsalestomakeagoodprofit
Answer:
B
Diff:
2
Objective:
1
AACSB:
Analyticalthinking
3)Whichofthefollowingistrueofcost-volume-profitanalysis?
A)Thetheoryassumesthatallcostsarevariable.
B)Thetheoryassumesthatunitsmanufacturedequalunitssold.
C)Thetheorystatesthattotalvariablecostsremainthesameoverarelevantrange.
D)Thetheorystatesthattotalcostsremainthesameovertherelevantrange.
Answer:
B
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
4)Thesellingpriceperunitlessthevariablecostperunitisthe________.
A)fixedcostperunit
B)grossmargin
C)marginofsafety
D)contributionmarginperunit
Answer:
D
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
5)InthegraphmethodofCVPanalysis,thetotalrevenueslinealwaysbeginsfromthex-axisandthetotalcostslinebeginsfromthefixedcostline.
Answer:
TRUE
Diff:
2
Objective:
1
AACSB:
Analyticalthinking
6)WhichofthefollowingisanassumptionofCVPanalysis?
A)Totalcostscanbedividedintoafixedcomponentandacomponentthatisvariablewithrespecttothelevelofoutput.
B)Whengraphed,totalcostscurveupward.
C)Theunit-sellingpriceisvariableasitissubjecttodemandandsupply.
D)Totalcostscanbedividedintoinventoriableandperiodcostswithrespecttothelevelofoutput.
Answer:
A
Diff:
2
Objective:
1
AACSB:
Analyticalthinking
7)WhichofthefollowingistrueofCVPanalysis?
A)Costsmaybeseparatedintoseparateinventoriableandperiodcomponentswithrespecttothelevelofoutput.
B)Totalrevenuesandtotalcostsarelinearinrelationtooutputunits.
C)Unitsellingprice,unitvariablecosts,andunitfixedcostsareknownandremainconstant.
D)Proportionofdifferentproductswillvaryaccordingtodemandandsupplywhenmultipleproductsaresold.
Answer:
B
Diff:
2
Objective:
1
AACSB:
Analyticalthinking
8)Arevenuedriverisdefinedas________.
A)anyfactorthataffectscostsandrevenues
B)anyfactorthataffectsrevenues
C)theonlyfactorthatcaninfluenceachangeinsellingprice
D)theonlyfactorthatcaninfluenceachangeindemand
Answer:
B
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
9)AsperCVP,operatingincomecalculationsuse________.
A)netincomeanddividends
B)incometaxexpenseandnetincome
C)contributionmarginsandfixedcosts
D)nonoperatingrevenuesandnonoperatingexpenses
Answer:
C
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
10)WhichofthefollowingistrueabouttheassumptionsunderlyingbasicCVPanalysis?
A)Sellingpricevarieswithdemandandsupplyoftheproduct.
B)Onlysellingpriceandvariablecostperunitareknownandconstant.
C)Onlysellingprice,variablecostperunit,andtotalfixedcostsareknownandconstant.
D)Sellingprice,variablecostperunit,fixedcostperunit,andtotalfixedcostsareknownandconstant.
Answer:
C
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
11)Thecontributionmarginincomestatement________.
A)reportsgrossmargin
B)isallowedforexternalreportingtoshareholders
C)categorizescostsaseitherdirectorindirect
D)canbeusedtopredictfutureprofitsatdifferentlevelsofactivity
Answer:
D
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
12)Contributionmarginequals________.
A)revenuesminusperiodcosts
B)revenuesminusproductcosts
C)revenuesminusvariablecosts
D)revenuesminusfixedcosts
Answer:
C
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
Answerthefollowingquestionsusingtheinformationbelow:
ShineJewelrysells400unitsresultingin$7,000ofsalesrevenue,$3,000ofvariablecosts,and$1,500offixedcosts.
13)Contributionmarginperunitis________.
A)$4.00
B)$11.00
C)$10.00
D)$8.00
Answer:
C
Explanation:
C)($7,000−$3,000)/400units=$10perunit
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
14)Calculatethevariablecostperunit.
A)$11.00
B)$7.00
C)$8.00
D)$7.50
Answer:
D
Explanation:
D)$3,000/400=$7.50
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
Answerthefollowingquestionsusingtheinformationbelow:
TallyCorp.sellssoftwaresduringtherecruitingseasons.Duringthecurrentyear,11,000softwaresweresoldresultingin$440,000ofsalesrevenue,$110,000ofvariablecosts,and$48,000offixedcosts.
15)Contributionmarginpersoftwareis________.
A)$10.00
B)$30.00
C)$40.00
D)$36.00
Answer:
B
Explanation:
B)($440,000−$110,000)/11,000=$30persoftware
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
16)Ifsalesincreaseby$60,000,operatingincomewillincreaseby________.
A)$10,000
B)$40,000
C)$45,000
D)$60,000
Answer:
D
Explanation:
D)Price=$440,000/11,000=$40.00
Salesinsoftwares=$60,000/$30.00=2,000softwares
Operatingincomeincrease=2,000softwares×$30.00per=$60,000
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
17)PacificCompanysellsonlyoneproductfor$11perunit,variableproductioncostsare$3perunit,andsellingandadministrativecostsare$1.50perunit.Fixedcostsfor10,000unitsare$5,000.Theoperatingincomeis________.
A)$6.50perunit
B)$6.00perunit
C)$5.50perunit
D)$5.00perunit
Answer:
B
Explanation:
B)Operatingincome=$11−$3−$1.50-($5,000/10,000)=$6.00
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
18)Thecontributionincomestatementhighlights________.
A)grossmargin
B)thesegregationofcostsintoperiodcostsandinventoriablecosts
C)differentproductlines
D)variableandfixedcosts
Answer:
D
Diff:
1
Objective:
1
AACSB:
Analyticalthinking
19)Fixedcostsequal$15,000,unitcontributionmarginequals$25,andthenumberofunitssoldequal1,150.Operatingincomeis________.
A)$28,750
B)$13,750
C)$15,000
D)$14,750
Answer:
B
Explanation:
B)(1,150×$25)−$15,000=$13,750
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
Answerthefollowingquestionsusingtheinformationbelow:
NorthernStarsellsseveralproducts.Informationofaveragerevenueandcostsisasfollows:
Sellingpriceperunit$20.00
Variablecostsperunit:
Directmaterial$4.00
Directmanufacturinglabor$1.60
Manufacturingoverhead$0.40
Sellingcosts$2.00
Annualfixedcosts$96,000
Thecompanysells12,000unitsattheendoftheyear.
20)Thecontributionmarginperunitis________.
A)$11.00
B)$12.00
C)$4.00
D)$14.00
Answer:
B
Explanation:
B)Contributionmarginperunit=($20−$4−$1.60−$0.40−$2)=$12
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
21)Ifdirectlaboranddirectmaterialcostsincreaseby$1each,contributionmargin________.
A)increasesby$20,000
B)increasesby$14,000
C)decreasesby$24,000
D)decreasesby$14,000
Answer:
C
Explanation:
C)Contributionmargin=($20−$5−$2.60−$0.40−$2)×12,000=$120,000.
Diff:
3
Objective:
1
AACSB:
Applicationofknowledge
Answerthefollowingquestionsusingtheinformationbelow:
BellCompanysellsseveralproducts.Informationofaveragerevenueandcostsisasfollows:
Sellingpriceperunit$28.50
Variablecostsperunit:
Directmaterial$5.25
Directmanufacturinglabor$1.15
Manufacturingoverhead$0.25
Sellingcosts$1.85
Annualfixedcosts$110,000
Thecompanysells10,000units.
22)Thecontributionmarginperunitis________.
A)$15
B)$20
C)$22
D)$125
Answer:
B
Explanation:
B)Contributionmarginperunit=$28.50−$5.25−$1.15−$0.25−$1.85=$20.00
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
23)Whatistheproportionofvariablecoststototalcosts?
A)45.00%
B)48.56%
C)53.56%
D)43.56%
Answer:
D
Explanation:
D)Totalvariablecosts=$5.25+$1.15+$0.25+$1.85=$8.50×10,000=$85,000
Totalcosts=$85,000+$110,000=$195,000.
Variablecostproportion=$85,000/$195,000=43.56%
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
Answerthefollowingquestionsusingtheinformationbelow:
AlexFurnituresellsatablefor$850.Hisfixedcostsare$25,000,whilehisvariablecostsare$500pertable.Hecurrentlyplanstosell175tablesthismonth.
24)WhatisthebudgetedrevenueforthemonthassumingthatAlexsells175tables?
A)$145,750
B)$148,750
C)$150,000
D)$142,250
Answer:
B
Explanation:
B)Budgetedrevenue=175×$850=$148,750
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
25)WhatisthebudgetedoperatingincomeforthemonthassumingthatAlexsells175tables?
A)$45,250
B)$37,000
C)$36,250
D)$36,750
Answer:
C
Explanation:
C)Budgetedoperatingincome=$148,750−[(175×$500)+$25,000]=$148,750−$112,500=$36,250
Diff:
2
Objective:
1
AACSB:
Applicationofknowledge
26)Winnzsells8,000unitsresultingin$100,000ofsalesrevenue,$35,000ofvariablecosts,and$45,000offixedcosts.Thecontributionmarginper
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