Acc 350 Wk 10 Quiz 8 Chapter 9 – Strayer
Submitted by: Submitted by micheleberry193
Views: 10
Words: 721
Pages: 3
Category: Other Topics
Date Submitted: 08/29/2015 02:50 AM
ACC 350 WK 10 Quiz 8 Chapter 9 – Strayer
Purchase here:
http://xondow.com/ACC-350-WK-10-Quiz-8-Chapter-9-Strayer-ACC3509.htm
Our Products >> ACC 350 >> ACC 350 WK 10 Quiz 8 Chapter 9 - Strayer
ACC 350 WK 10 Quiz 8 Chapter 9
1)
The two most common methods of costing inventories in manufacturing companies are variable costing and fixed costing.
Answer:
2)
Absorption costing "absorbs" only variable manufacturing costs.
Answer:
3)
Variable costing includes all variable costsboth manufacturing and nonmanufacturingin inventory.
Answer:
4)
Under both variable and absorption costing, all variable manufacturing costs are inventoriable costs.
Answer:
5)
The main difference between variable costing and absorption costing is the way in which fixed manufacturing costs are accounted for.
Answer:
6)
Under variable costing, fixed manufacturing costs are treated as an expense of the period.
Answer:
7)
The contribution-margin format of the income statement is used with absorption costing.
Answer:
8)
The contribution-margin format of the income statement distinguishes manufacturing costs from nonmanufacturing costs.
Answer:
9)
The gross-margin format of the income statement highlights the lump sum of fixed manufacturing costs.
Answer:
10)
In absorption costing, all nonmanufacturing costs are subtracted from gross margin.
Answer:
11)
Direct costing is a perfect way to describe the variable-costing inventory method.
Answer:
12)
When variable costing is used, an income statement will show gross margin.
Answer:
13)
The income under variable costing will always be the same as the income under absorption costing.
Answer:
14)
Absorption costing is required by GAAP (Generally Accepted Accounting Principles) for external reporting.
Answer:
15)
When production deviates from the denominator level, a...
