&nbspQuestion 1. 1.&nbspJob costing entails _____________________.

 Question 1. 1. Job costing entails _____________________. (Points : 1)         tracking the costs of an employment search        development of a tracking system to match costs to jobs        estimating the price of raw materials that may be needed to complete a customer job        none of the items listed here  Question 2. 2. Job costing __________________________. (Points : 1)         is only used when manufacturing a product        cannot be used for a service business since no product is created        can be utilized in a variety of business types        cannot be utilized when manufacturing a product  Question 3. 3. Which of the following would typically use a process costing system? (Points : 1)         More than one of these listed.        Paint        Glass        Custom built home  Question 4. 4. The Equivalent units concept general applies to ___________________. (Points : 1)         job order costing        process costing        ABC costing        none of the items listed here  Question 5. 5. ABC is a costing model that _______________________. (Points : 1)         is simple and inexpensive to use        is rarely used because it is not very accurate        is not really a costing model        is not accepted by GAAP  Question 6. 6. Mixed costs ____________________________________. (Points : 1)         are costs that are all mixed up        have both a variable and a fixed component        are not impacted by volume fluctuations        are not defined in any of these responses  Question 7. 7. A technique used to estimate the fixed and variable components of a mixed cost is ____________. (Points : 1)         high-low method        regression analysis        is not represented here        represented by more than one of the solutions listed here  Question 8. 8. Cost-Volume-Profit Analysis ________________________. (Points : 1)         gives management the same information as the income statement        is helpful in assessing the relationships between costs, business volume, and profitability        is an essential tool used by investors to make investment decisions        can only be interpreted by a master accountant  Question 9. 9. Contribution margin _____________________________________. (Points : 1)         is equal to net income        equals variable expenses minus fixed expense        is the next available dollar of income after all fixed costs are covered        equals revenues minus variable expenses  Question 10. 10. Cost-Volume-Profit Analysis _____________________________. (Points : 1)         can be utilized to find the firms breakeven point in units        is only concerned with variable costs        is only concerned with fixed costs        is not represented by any of the answers listed here


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