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Listed below are seven technical accounting terms introduced or emphasized in this chapter.Opportunity costOut-of-pocket cost Joint products Incremental analysisSunk cost Split-off point Relevant information Each of the following statements may (or may not) describe one of these terms. For each statement, indicate the accounting term or terms described, or answer one if the statement does not correctly describe any of these terms.
a. Examination of differences between costs to be incurred and revenue to be earned under different courses of action.
b. A cost incurred in the past that cannot be changed as a result of future actions.
c. Costs and revenue that are expected to vary, depending on the course of action decided on.
d. The benefit foregone by not pursuing an alternative course of action.
e. Products made from common raw materials and shared production processes.
f. A cost yet to be incurred that will require future payment and may vary among alternative courses of action.
g. The point at which manufacturing costs are split equally between ending inventory and cost of goods sold.
When using a normal costing system, manufacturing overhead is applied using the ______________ manufacturing overhead rate and the _______________ quantity of allocation base.
The following accounts and corresponding balances were drawn from Crimson Sports, Inc.'s 2014 and 2013 year end balance sheets:
Phoenix Manufacturers makes blank computer disks. It takes one-eighth of a pound of direct materials and one minute of direct labor at standard per disk. Direct materials cost $2.60 per pound at standard, and the standard direct labor rate is $6.0..
What is the role of cost drivers in an activity-based cost system? Explain how analysis of cost drivers can be useful in identifying inefficient activities and the cause(s) of inefficiency.
Do you have any concerns about lending the company money?
Discuss any changes that Leno would have to make for GAAP reporting if it does change to LIFO for tax reporting.
Prepare journal entries to record the information above. Key your entries to the letters a through l.
Tax avoidance and tax evasion are two very different concepts. Compare and contrast the differences between tax avoidance and tax evasion. Give two examples of each to support your discussion.
Synthesize the key points they are making and consider the challenges of such points in a given context within your environment.
Determine the balance in manufacturing overhead, and prepare a journal entry to close the balance to cost of goods sold.
a 16 debenture of r5 000 is redeemable at a premium of 10 after 5 years. the fair rate of return on similar debentures
Why would anyone take the trouble to study the history of management accounting? Identify the benefits and beneficiaries of such a study, examining critically the work already carried out in this area.
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