Question 1. A well-designed activity-based costing system starts with ________

1. A well-designed activity-based costing system starts with __________.

2. “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

3. Balance sheet accounts are considered to be __________.

4. These are selected account balances on December 31, 2008.

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

5. The primary purpose of the statement of cash flows is to __________.

6. As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?

7. Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

8. These are selected account balances on December 31, 2008.

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

9. Of the following companies, which one would not likely employ the specific identification method for inventory costing?

10. Which one of the following is a product cost?

11. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

12. One of Astro Company’s activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

13. Which one of the following items is not generally used in preparing a statement of cash flows?

14. H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

15. Lekeisha’s income exceeds her expenditures. Lekeisha is a __________.

16. Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms’ production levels as given. Then in equilibrium the output effect __________.

17. Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms’ production levels as given. Then in equilibrium the output effect __________.

18. In economics, the cost of something is __________.

19. When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.

20. If a binding price ceiling were imposed in the computer market, __________.

21. A tax on an imported good is called a __________.

22. Which of the following statements about GDP is correct?

23. Real GDP __________.

24. The balance of payment account is made up of:

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.