CHAPTER 1

1. T
2. T
3. T
4. T
5. F
6. T
7. T
8. F
9. T
10. F

C
D

D
CHAPTER 2

1- F-JOINT cost

2. F

3. T

4.

5.T

7. F

8.T

12.F

15. T

17. F

19. F

20. F

21. T

22. T

25. T
 1. A
2. C
3. A

4. B

6. B

7. C

8. B

9. B

10. A

11. B

12. A
13. A

14. B

15. C

16. A

17. 34,000

18. C

19. D

20. D

1. A

2. C

3. B

4. C
5. B

6. B
7. C

8. C

9. D

10. D

11. D

12. C

13. A

14. B

15. D
1. D

2. C

3.

4.

5. C

6. C
7. B

8. B

9. B

10. C

11. B

12.

13. C

14. D

15. B

16. B
17. B

18. B

19. B

20. D

21. A

22. B

23. B
 24. B

25. D

CHAPTER4

1. B

2. B

3. C

4. A

5. D
6. C

7. C

8. D

9. B

10. A

1. A

2. D

3. D

4. D
5. B

6. C

7. 156. 67

8. D

9. 67,500

10. 40

11. 33.33

12. B

13. B
14. D

15. C

16. D

17. C

18. .50

19. A

20. A
FINANCIAL ACCOUNTING -use accounting information for reporting to external parties

Managerial accounting- f0cuses on the needs of the parties with in the organization

Cost accounting – is the intersection between financial and managerial accounting

Cost accounting information used in financial in managerial accounting

Job order costing – system for allocating cost

Process costing – system applicable to a continuous process of

Operation costing is a hybrid of costing system

Relevant range – assumed to be operating w/ in the relevant.

- It refers to the range of activity

Revenue- revenue per unit remain constant .

Variable cost- variable are assume to remain constant on a per unit

Fixed cost- total fixed cost re assumed to remain constant regardless on changes of volume

Contibutuion margin – is the amount remaining after deducting variable cost per unit and selling price
per unit

Direct materials- basic ingredients that are transformed into finished products

Direct labor- the amount paid as wages to those working directly to the product

Indirect labor cost – cannot conveniently and economically

Manufacturing cost element is at catchall of manufacturing cost that cannot be classified as direct
materials

Marketing or selling – include all cost necessary to secure costumer orders and get finished products

Admininstrative expensesn- include all executive, organizational and clerical expenses