Ch03cost accounting test bank.docx
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Ch03cost accounting test bank.docx
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Ch03costaccountingtestbank
CHAPTER3
COST-VOLUME-PROFITANALYSIS
TRUE/FALSE
1.Toperformcost-volume-profitanalysis,acompanymustbeabletoseparatecostsintofixedandvariablecomponents.
Answer:
TrueDifficulty:
1Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis
2.Cost-volume-profitanalysismaybeusedformulti-productanalysiswhentheproportionofdifferentproductsremainsconstant.
Answer:
TrueDifficulty:
1Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis,salesmix
3.ItisassumedinCVPanalysisthattheunitsellingprice,unitvariablecosts,andunitfixedcostsareknownandconstant.
Answer:
FalseDifficulty:
2Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis
ItisassumedinCVPanalysisthattheunitsellingprice,unitvariablecosts,andtotalfixedcostsareknownandconstant.
4.InCVPanalysis,thenumberofoutputunitsistheonlyrevenuedriver.
Answer:
TrueDifficulty:
2Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis,revenuedriver
5.ManycompaniesfindeventhesimplestCVPanalysishelpswithstrategicandlong-rangeplanning.
Answer:
TrueDifficulty:
1Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis
6.InCVPanalysis,totalcostscanbeseparatedintoafixedcomponentthatdoesnotvarywithoutputandacomponentthatisvariablewithoutputlevel.
Answer:
TrueDifficulty:
2Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis
7.InCVPanalysis,variablecostsincludedirectvariablecosts,butdonotincludeindirectvariablecosts.
Answer:
FalseDifficulty:
2Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis
InCVPanalysisvariablecostsincludedirectvariablecostsandindirectvariablecosts.
8.InCVPanalysis,anassumptionismadethatthetotalrevenuesarelinearwithrespecttooutputunits,butthattotalcostsarenon-linearwithrespecttooutputunits.
Answer:
FalseDifficulty:
2Objective:
1
TermstoLearn:
cost-volume-profit(CVP)analysis
InCVPanalysis,anassumptionismadethatthetotalrevenuesandthetotalcostsarenon-linearwithrespecttooutputunits.
9.Arevenuedriverisdefinedasavariablethatcauseschangesinprices.
Answer:
FalseDifficulty:
2Objective:
1
TermstoLearn:
revenuedriver
Arevenuedriverisdefinedasavariablethatcauseschangesinrevenues.
10.Ifthesellingpriceperunitis$20andthecontributionmarginpercentageis30%,thenthevariablecostperunitmustbe$6.
Answer:
FalseDifficulty:
2Objective:
2
TermstoLearn:
contributionmargin
Thenthevariablecostperunitmustbe$14,[$20–(.30x$20)]=$14.
11.Totalrevenueslesstotalfixedcostsequalthecontributionmargin.
Answer:
FalseDifficulty:
1Objective:
2
TermstoLearn:
contributionmargin
Totalrevenueslesstotalvariablecostsequalthecontributionmargin.
12.Grossmarginisreportedonthecontributionincomestatement.
Answer:
TrueDifficulty:
1Objective:
2
TermstoLearn:
contributionincomestatement
13.Ifthesellingpriceperunitofaproductis$30,variablecostsperunitare$20,andtotalfixedcostsare$10,000andacompanysells5,000units,operatingincomewouldbe$40,000.
Answer:
TrueDifficulty:
2Objective:
2
TermstoLearn:
contributionincomestatement
14.Thesellingpriceperunitis$30,variablecostperunit$20,andfixedcostperunitis$3.Whenthiscompanyoperatesabovethebreakevenpoint,thesaleofonemoreunitwillincreasenetincomeby$7.
Answer:
FalseDifficulty:
2Objective:
3
TermstoLearn:
contributionincomestatement
Thesaleofonemoreunitwillincreasenetincomeby$10,($30–$20=$10).
15.Acompanywithsalesof$100,000,variablecostsof$70,000,andfixedcostsof$50,000willreachitsbreakevenpointifsalesareincreasedby$20,000.
Answer:
FalseDifficulty:
2Objective:
3
TermstoLearn:
breakevenpoint(BEP)
$50,000/0.30=$166,667oftotalsalesareneededtobreakeven.
16.Breakevenpointisnotagoodplanningtoolsincethegoalofbusinessistomakeaprofit.
Answer:
FalseDifficulty:
2Objective:
3
TermstoLearn:
breakevenpoint(BEP)
Breakevenpointisanimportantplanningtoolthathelpsmanagersdeterminevolumeofsales/productionneededtobeprofitable.
17.Breakevenpointisthatquantityofoutputwheretotalrevenuesequaltotalcosts.
Answer:
TrueDifficulty:
1Objective:
3
TermstoLearn:
breakevenpoint(BEP)
18.InthegraphmethodofCVPanalysis,thebreakevenpointisthequantityofunitssoldforwhichthetotalrevenueslinecrossestheX-axis.
Answer:
TrueDifficulty:
1Objective:
3
TermstoLearn:
breakevenpoint(BEP)
19.Aprofit-volumegraphshowstheimpactonoperatingincomefromchangesintheoutputlevel.
Answer:
TrueDifficulty:
1Objective:
3
TermstoLearn:
PVGraph
20.Ifthesellingpriceperunitofaproductis$50,variablecostsperunitare$40,andtotalfixedcostsare$50,000,acompanymustsell6,000unitstomakeatargetoperatingincomeof$10,000.
Answer:
TrueDifficulty:
3Objective:
3
TermstoLearn:
cost-volume-profit(CVP)analysis
21.Anincreaseinthetaxratewillincreasethebreakevenpoint.
Answer:
FalseDifficulty:
2Objective:
4
TermstoLearn:
netincome
Achangeinthetaxratewillnotchangethebreakevenpoint.
22.Ifoperatingincomeis$70,000andtheincometaxrateis30%,thennetincomewillbe$49,000.
Answer:
TrueDifficulty:
1Objective:
4
TermstoLearn:
netincome
23.Ifplannednetincomeis$21,000andthetaxrateis30%,thenplannedoperatingincomewouldbe$27,300.
Answer:
FalseDifficulty:
2Objective:
4
TermstoLearn:
netincome
Ifplannednetincomeis$21,000andthetaxrateis30%,thenplannedoperatingincomewouldbe$30,000,[$21,000/(1.0–.3)=$30,000].
24.Sensitivityanalysisisa“what-if”techniquethatmanagersusetoexaminehowaresultwillchangeiftheoriginallypredicteddataarenotachievedorifanunderlyingassumptionchanges.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
sensitivityanalysis
25.Marginofsafetymeasuresthedifferencebetweenbudgetedrevenuesandbreakevenrevenues.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
marginofsafety
26.Sensitivityanalysishelpstoevaluatetheriskassociatedwithdecisions.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
sensitivityanalysis
27.Ifcontributionmargindecreasesby$1perunit,thenoperatingprofitswillincreaseby$1perunit.
Answer:
FalseDifficulty:
2Objective:
5
TermstoLearn:
contributionmarginperunit
Ifcontributionmargindecreasesby$1perunit,thenoperatingprofitswilldecreaseby$1perunit.
28.Ifvariablecostsperunitincrease,thenthebreakevenpointwilldecrease.
Answer:
FalseDifficulty:
3Objective:
5
TermstoLearn:
breakevenpoint(BEP)
Ifvariablecostsperunitincrease,thenthebreakevenpointwillalsoincrease.
29.AplannedincreaseinadvertisingwouldbeconsideredanincreaseinfixedcostsinCVPanalysis.
Answer:
TrueDifficulty:
2Objective:
5
TermstoLearn:
cost-volume-profit(CVP)analysis
30.Aplanneddecreaseinsellingpricewouldbeexpectedtocauseanincreaseinthequantitysold.
Answer:
TrueDifficulty:
2Objective:
5
TermstoLearn:
cost-volume-profit(CVP)analysis
31.Companieswithagreaterproportionoffixedcostshaveagreaterriskoflossthancompanieswithagreaterproportionofvariablecosts.
Answer:
TrueDifficulty:
2Objective:
6
TermstoLearn:
operatingleverage
32.Ifacompanyincreasesfixedcosts,thenthebreakevenpointwillbelower.
Answer:
FalseDifficulty:
3Objective:
6
TermstoLearn:
breakevenpoint(BEP)
Ifacompanyincreasesfixedcosts,thenthebreakevenpointwillbehigher.
33.Companiesthataresubstitutingfixedcostsforvariablecostsreceiveagreaterperunitreturnabovethebreakevenpoint.
Answer:
TrueDifficulty:
3Objective:
6
TermstoLearn:
operatingleverage
34.Acompanywithahighdegreeofoperatingleverageisatlesserriskduringdownturnsintheeconomy.
Answer:
FalseDifficulty:
3Objective:
6
TermstoLearn:
operatingleverage
Acompanywithahighdegreeofoperatingleverageisatgreaterriskduringdownturnsintheeconomy.
35.Whetherthepurchasecostofamachineistreatedasfixedorvariabledependsheavilyonthetimehorizonbeingconsidered.
Answer:
TrueDifficulty:
1Objective:
6
TermstoLearn:
operatingleverage
36.Ifacompanyhasadegreeofoperatingleverageof2.0,thatmeansa20%increaseinsaleswillresultina40%increaseinvariablecosts.
Answer:
FalseDifficulty:
3Objective:
6
TermstoLearn:
operatingleverage
Ifacompanyhasadegreeofoperatingleverageof2.0,thatmeansa20%increaseinsaleswillresultina40%increaseinoperatingincome.
37.Whenacompanyhasatleastsomefixedcosts,thedegreeofoperatingleverageisdifferentatdifferentlevelsofsales.
Answer:
TrueDifficulty:
2Objective:
6
TermstoLearn:
operatingleverage
38.Passenger-milesareapotentialmeasureofoutputfortheairlineindustry.
Answer:
TrueDifficulty:
1Objective:
7
TermstoLearn:
cost-volume-profit(CVP)analysis
39.Inmultiproductsituationswhensalesmixshiftstowardtheproductwiththelowestcontributionmargin,thebreakevenquantitywilldecrease.
Answer:
FalseDifficulty:
3Objective:
7
TermstoLearn:
salesmix
Inmultiproductsituationswhensalesmixshiftstowardtheproductwiththelowestcontributionmargin,thebreakevenquantitywillincrease.
40.Inmultiproductsituationswhensalesmixshiftstowardtheproductwiththehighestcontributionmargin,operatingincome
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