Directions: Choose the right answer in the multiple-choice 1. What is the cost incurred in the past? A. Future cost B. Unknown cost C. Already incurred cost D. Accounting Cost E. None of the above 2. The formula: Y=a+bx+cz is an example of A. Simple regression B. Multiple regression C. Linear programming D. None of the above 3. If “r” between two variables is zero, how might the scatter diagram of these variables appear? A. A least-square line that slopes to the right B. A least-square line that slopes to the left C. Under this case, the scatter diagram could not be plotted in the graph D. None of the above 4. In cost accounting, relevant range is the range over which A. Production is stable B. Costs are stable and constant C. Total fixed cost fluctuates D. Cost relationship Is not valid E. None of the above 5. Which of the following is a controller’s responsibility? A. Provision for capital B. Custodian of funds C. Credit and collection D. Arranging shirt term loans E. None of the above

Directions: Choose the right answer in the multiple-choice 1. What is the cost incurred in the past? A. Future cost B. Unknown cost C. Already incurred cost D. Accounting Cost E. None of the above 2. The formula: Y=a+bx+cz is an example of A. Simple regression B. Multiple regression C. Linear programming D. None of the above 3. If “r” between two variables is zero, how might the scatter diagram of these variables appear? A. A least-square line that slopes to the right B. A least-square line that slopes to the left C. Under this case, the scatter diagram could not be plotted in the graph D. None of the above 4. In cost accounting, relevant range is the range over which A. Production is stable B. Costs are stable and constant C. Total fixed cost fluctuates D. Cost relationship Is not valid E. None of the above 5. Which of the following is a controller’s responsibility? A. Provision for capital B. Custodian of funds C. Credit and collection D. Arranging shirt term loans E. None of the above

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 16MC: Which of the following methods of cost estimation relies on only two data points? A. the high-low...

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