Answer the following statements true (T) or false (F)
1. A standard cost system is an accounting system that uses standards for product costs.
2. Setting standard costs is a function of the company's production department and does not require input from other departments.
3. Standard costs are developed by the cooperative effort of purchasing, production, human resources, and accounting personnel.
4. Companies conduct time-and-motion studies and use benchmarks from other companies when developing standards.
5. Developing efficiency standards based on best practices is called benchmarking.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. FALSE
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The contribution-margin ratio is:
A. fixed cost per unit divided by variable cost per unit. B. unit contribution margin divided by fixed cost per unit. C. unit contribution margin divided by the selling price. D. the difference between the selling price and the variable cost per unit. E. variable cost per unit divided by the selling price.
On the basis of the Schmidt case and the cases cited therein, determine the constitutional validity of the following: a. A city ordinance requiring all-adult residences only. b. A city zoning master plan that designates certain areas as adult-only
residential areas. c. A state statute that prohibits landlords from refusing to rent property located in all-adult subdivisions to families with children.
Acme, Inc., produces widgets. To manufacture a new type of widget, it took 52 hr for the first widget. Acme estimates it has an 82% learning rate. Using the logarithmic approach, calculate the time it will take to manufacture the 87th widget.
A. 17.78 hr B. 14.51 hr C. 16.52 hr D. 15.94 hr
Indicate whether each of the following statements about product costing systems is true or false.The type of product made by a manufacturer affects the type of accounting system that it should use to calculate the costs of its products. ______Hybrid costing systems are used by service businesses, but not manufacturing companies. ______A company that manufactures high-volume industrial chemicals such as sulfuric acid would use a job-order costing system. ______An automobile repair shop would use a job-order costing system to assign costs to individual jobs. ______Only process costing systems require averaging in assigning costs to products. ______
What will be an ideal response?