Question1.To make a decision whether to accept or reject

19 May Question1.To make a decision whether to accept or reject

Posted at 07:30h in Essay Writing Services by Past Papers

Question

1.To make a decision whether to accept or reject a special sales order, managers need critical information about all the following except: (Points : 2)

Relevant costs.
Prior period operating costs.
Any opportunity costs.
The strategic, competitive environment of the firm.

2.Which of the following statements regarding “opportunity costs” is TRUE? (Points : 2)

These costs are recorded routinely by cost accounting systems.
These costs relate to the benefit lost or foregone when a chosen option (course of action) precludes the benefits from an alternative option.
These costs are generally deductible for federal income tax purposes.
In terms of most short-run decisions, they are irrelevant.

3.In deciding between alternative choices for a given situation, managers usually employ a five-step process. Which of the following is not a step in the decision-making process? (Points : 2)

Evaluate performance.
Specify the criteria and identify the alternative actions.
Select and implement the best course of action.
Perform relevant and strategic cost analysis.
Review the audit report.

4.A useful device for solving production problems involving multiple products and limited resources is: (Points : 2)

Gross profit per unit of product.
Contribution per unit of scarce resource.
Value-stream costing.
Relevant cost pricing.
The contribution income statement.

5.In deciding whether to manufacture a part or buy it from an outside vendor, a cost that is irrelevant to this short-run decision is: (Points : 2)

Direct labor.

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