Mba 526 The Real Set Already Passed

Examples of Variable Cost {Ans: Direct materials direct labor comissions}A financial plan for a company. {Ans: Budget}Managerial Accounting {Ans: a) Managerial accounting is directed at internal rather than external users of accounting information. b) Managerial accounting may deviate from generally accepted accounting principles (GAAP). c) Managerial accounting may present more detailed information. d) Managerial accounting may present more nonmonetary information. e) Managerial accounting places more emphasis on the future.}Steps involved in ABC {Ans: a. Identify major activities b. Group costs of activities into cost pools c. Identify measures of activities - the cost drivers d. Relate costs to products using the cost drivers}The range of activity for which assumptions about how costs behave are reasonably valid. {Ans: Relevant Range}A cost that is easily traceable to some cost object. {Ans: Direct Cost}