A(n) ________ cost is synonymous with the product cost calculated in a conventional standard cost accounting system
a. fixed
b. direct
c. joint
d. expected
D
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Competition in an industry tends to drive rates of return on invested capital up towards the level of "perfect competition."
Indicate whether the statement is true or false
The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________
A) star B) bear C) question mark D) cash cow E) dog
Elan Company's Accounts Payable balance at December 31 . 2014, was $1,800,000 before considering the following transactions: • Goods were in transit from a vendor to Elan on December 31 . 2014 . The invoice price was $100,000, and the goods were shipped FOB shipping point on December 29, 2014 . The goods were received on January 4, 2015. • Goods shipped to Elan FOB shipping point on December
20, 2014, from a vendor were lost in transit. The invoice price was $50,000 . On January 5, 2015, Elan filed a $50,000 claim against the common carrier. In its December 31 . 2011, balance sheet, Elan should report Accounts Payable of a. $1,950,000. b. $1,900,000. c. $1,850,000. d. $1,800,000.
A flexible budget performance report compares the differences between:
A. Actual performance and standard costs at the budgeted sales volume. B. Budgeted performance over several periods. C. Actual performance and budgeted performance based on actual sales volume. D. Actual performance and budgeted performance based on budgeted sales volume. E. Actual performance over several periods.