Acc 350 Wk 4 Quiz 3 Chapter 3 – Strayer

ACC 350 WK 4 Quiz 3 Chapter 3 – Strayer

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ACC 350 WK 4 Quiz 3 Chapter 3

1)

To perform cost-volume-profit analysis, a company must be able to separate costs into fixed and variable components.

Answer:

2)

Cost-volume-profit analysis may be used for multi-product analysis when the proportion of different products remains constant.

Answer:

3)

It is assumed in CVP analysis that the unit selling price, unit variable costs, and unit fixed costs are known and constant.

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4)

In CVP analysis, the number of output units is the only revenue driver.

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5)

Many companies find even the simplest CVP analysis helps with strategic and long-range planning.

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6)

In CVP analysis, total costs can be separated into a fixed component that does not vary with output and a component that is variable with output level.

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7)

In CVP analysis, variable costs include direct variable costs, but do not include indirect variable costs.

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8)

In CVP analysis, an assumption is made that the total revenues are linear with respect to output units, but that total costs are non-linear with respect to output units.

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9)

A revenue driver is defined as a variable that causes changes in prices.

Answer:

10)

If the selling price per unit is $20 and the contribution margin percentage is 30%, then the variable cost per unit must be $6.

Answer:

11)

Total revenues less total fixed costs equal the contribution margin.

Answer:

12)

Gross margin is reported on the contribution income statement.

Answer:

13)

If the selling price per unit of a product is $30, variable costs per unit are $20, and total fixed costs are $10,000 and a company sells 5,000 units, operating income would be $40,000.

Answer:

14)

The selling price per unit is $30,...