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ACC 310 ACC310 Week 1 Quiz

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ACC 310 Week 1 Quiz

Question 1.1. The field of accounting that depends on generally accepted accounting principles (GAAP) is called (Points : 1)

Question 2.2. Which of the following would not cause the breakeven point to change? (Points : 1)

Question 3.3. Expense A is a fixed cost expense, B is a variable cost. During the current year the volume of output has decreased. In terms of cost per unit of output, we would expect that (Points : 1)

Question 4.4. Which of the following best distinguishes an opportunity cost from an outlay cost? (Points : 1)

Question 5.5. Given the following information:

Sales

$5,000

Fixed Expenses

2,000

Variable Expenses

1,750



What would expected net income be if the company experienced a 10 percent increase in fixed costs and 10 percent increase in sales volume? (Points : 1)

Question 6.6. You have been asked to help a student health center determine which costs will vary with the number of students who come to the health center. The health center employs one doctor, three nurses, and several other employees. How would you classify (1) the nurse's salary and (2) film and other materials used in radiology to give X-rays to students? The nurse’s salary would be considered a ______, while the film and other materials would be considered a ______. (Points : 1)

Question 7.7. The terms direct cost and indirect cost are commonly used in accounting. A particular cost might be considered a direct cost of a manufacturing department but an indirect cost of the product produced in the manufacturing department. Classifying a cost as either direct or indirect depends upon (Points : 1)

Question 8.8. Differential costs are (CMA adapted) (Points : 1)

Question 9.9. The development of just-in-time (JIT) methods of production focused on (Points : 1)

Question 10.10. In a decision analysis situation, which one of the following costs is not likely to contain a variable cost component? (CMA adapted, 6/96) (Points : 1)

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