Accounting MCQ Questions Homework Help
- August 28, 2017
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- Category: Accounting QA
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1. Variable cost per unit
A. increases when the number of units produced increases.
B. does not change when the number of units produced increases.
C. decreases when the number of units produced increases.
D. decreases when the number of units produced decreases.
2. Uno Pizza produced and sold 800 pizzas last month and had total variable ingredients that cost $3,440. If production and sales are expected to increase by 10% next month, which of the following statements is true?
A. Total variable materials costs are expected to be $3,784
B. Variable material cost per unit is expected to be $4.73
C. Total variable materials costs are expected to be $3,444.30
D. Total variable materials costs are expected to be $344
3. A company has a cost that is $2.00 per unit at a volume of 12,000 units and $2.00 per unit at a volume of 16,000 units. What type of cost is this?
A. fixed
B. variable
C. sunk
D. incremental
4. Which of the following is not likely to be a fixed cost?
A. direct materials
B. rent
C. depreciation
D. salary of the human resources director
5. Marco Diner produced and sold 2,000 bagels last month and had fixed costs of $6,000. If production and sales are expected to increase by 10% next month, which of the following statements is true?
A. Total fixed costs will increase.
B. Total fixed costs will decrease.
C. Fixed cost per unit will increase.
D. Fixed cost per unit will decrease.
6. Which of the following statements regarding fixed costs is true?
A. When production increases, fixed cost per unit increases.
B. When production decreases, total fixed costs decrease.
C. When production increases, fixed cost per unit decreases.
D. When production decreases, total fixed costs increase.
7. Costs incurred in the past which are not relevant to present decisions are
A. fixed costs.
B. sunk costs.
C. opportunity costs.
D. indirect costs.
8. A sunk cost is a cost
A. incurred in the past which is not relevant to present decisions.
B. incurred in the current period which changes with changes in production activity.
C. incurred in the current period which remains constant even though production activity changes.
D. which is estimated to occur in the future.
9. Sunk costs
A. are not relevant for decision making
B. would include the cost of your tuition after the refund deadline has passed.
C. are costs that have been incurred in the past.
D. All of the above are correct.
10. Opportunity costs are
A. considered to be fixed costs in the short term.
B. another term for sunk costs.
C. able to be controlled by most effective managers.
D. the value of benefits foregone when one decision is selected over another.
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11. The benefits that are given up when another alternative is selected is a(n)
A. sunk cost.
B. controllable cost.
C. opportunity cost.
D. direct cost.
12. You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
A. the trip to Cancun that you will not be able to take if you buy the car
B. the cost of the car you are trading in
C. the cost of your books for this term
D. the cost of your car insurance last year
13. A retailer purchased some trendy clothes that have gone out of style and must be marked down to 40% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation?
A. the current selling price
B. the original selling price
C. the original purchase price
D. the anticipated profit
14. A cost which is directly traceable to a product, activity, or department is a(n)
A. fixed cost.
B. managerial cost.
C. opportunity cost.
D. direct cost.
15. Which of the following statements regarding direct and indirect costs is true?
A. The amount of direct costs in a department is always less than the amount of indirect costs in that department.
B. A department with no variable costs will also have no direct costs.
C. The distinction between a direct and indirect cost depends on the object of the cost tracing.
D. If a cost is indirect to a department within a plant, it will also be indirect for the plant as a whole.
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