Finance Questions

Which of the following is a controllable cost?a. Advertisingb. Taxesc. Depreciationd. Insurance

Managerial reports should be prepared annually. (True/False)

Don't Worry You've Got This Corp. has the following costs:Factory janitor wages $100Customer support hotline: $800Depreciation: $50Sales commissions: $200Customer order hotline: $150Reconfiguring the assembly process: $300Salaries of the researchers: $700What is the cost of the marketing category of the value chain?

Non technical competencies required of management accountants include all of the following except:a. Collaborationb. Professionalismc. Making Tiktok videosd. Leadership

A ______ activity is carried out to support customers, but are not related to any specific product.

______ is the process by which activity rates are used to apply costs to products and customers in ABC

A _________ activity relates to specific activities that must be carried out regardless of how many units are produced or batches ran. What is an example of this?

The Just-in-Time (JIT) philosophy of operations focuses on which of the following:a. Arriving to work JITb. Paying workers JIT c. Purchasing raw materials JITd. Finishing the exam JIT

Planning, controlling, and directing are the three primary responsibilities of which individuals?a. Auditors b. Investorsc. Managersd. Employees

___________ eliminates waste, decreases processing time, and reduces defects

A _______ activity is carried out regardless of which customer is served, which products are produced, how many batches are run, or how many units are made. What is an example of this?

A ______ activity is performed each time a batch is handled or processed , regardless of number of units. What is an example of this?

T/F: Most companies do not use ABC for external reporting.

______ can be used to compare activity cost information with the standard performance achieved by others

______ is the process by which OH costs are assigned to activity cost pools in an ABC

_______ is based on activities that are designed to provide managers with cost info for strategic planning and other decisions that may affect capacity, therefore affecting fixed and variable costs

With ABC, any direct cost is a _____ cost

Calculate the total cost of merchandise purchased using the information in the following table:Invoice cost of merchandise purchases$40,000Purchase discounts received$ 3,000Cost of transportation-in (shipping)$ 500Costs of purchase returns and allowances$ 100

Gross profit is computed as net (?) minus cost of goods sold.

Explain how to determine gross profit on an income statement by selecting the correct statement below.