Opportunity costs; a. Are treated as period costs under variable costing b. Have already been incurred as a result of past action c. Are benefits that have been obtained by following another course of action d. None of the above

Opportunity costs; a. Are treated as period costs under variable costing b. Have already been incurred as a result of past action c. Are benefits that have been obtained by following another course of action d. None of the above

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 4DQ: What is a direct cost? An indirect cost? Can the same cost be direct for one purpose and indirect...

See similar textbooks

Related questions

Q: Material disagreements with management will result in either: * O a qualified opinion or adverse…

A: Material disagreement between auditor and management arises when their is an unsuitable Accountant…

Q: What is the taxable income if the taxpayer had chosen itemized deduction? A domestic corporation had…

A: Calculation of taxable Income of Domestic Corporation

Q: Clal statements. Taxable income was S1,000,000 for 2022. A December 31, 2022, Miller Company had…

A: Solution: Income tax expense for the year = Current tax - Reversal of Deferred tax liability -…

Q: The estimated cost to construct a 28,000 square foot warehouse is (Ro

A: Cost of new sq ft= C1 (Q2/Q1)^x X= Cost capacity factor C1= Cost for the given Sq ft Q2= New sq ft…

Q: b. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the…

A: Manufacturing overhead are indirect costs that need to be allocated to product to ensure that all…

Q: 1. Gabriel works on a commission basis and receives 3.8% on his monthly sales for ST. Peter Life…

A: Dear student as you have asked multiple different questions ,and as per guidelines we will solve…

Q: 1. How many units are in ending inventory? 2. Without preparing an income statement, indicate what…

A: Variable costing income statement is the statement in which the cost of goods which has been sold by…

Q: Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 $15 $645 $57.00 $43.61 $15 $5 0011 40 8…

A: FIT represent the federal income tax which is withhold by the employer and deducted from the gross…

Q: Single Plantwide and Multiple Production Department Factory Overhead Rate Methods and Product Cost…

A: Production overheads: Production overheads are the costs which has no direct connection with…

Q: Q.1 On January 1, 2019, Rami Corporation purchased 25% of the outstanding common stock of Sawsan…

A: Allocation journal entries fall into four basic categories: fixed dollar allocations, fixed…

Q: Based on the following selected account balances appearing in the trial balance of Midway Repair…

A: Accounting is the process of recording, classifying, summarising and analysing financial…

Q: Silven Industries, which manufactures and sells a highly successful line of summer lotions and…

A: The question is based on the concept of Cost Accounting.

Q: 17. Eileen and Charlie want to renovate their bathroom. They receive a quote of $7500 from Baths of…

A: Given data, Principal Amount (P)=$7,500Rate (r)=0.056512Number of times interest applied per time…

Q: Determine if this shall result in recognition of liabilities 16.Sale of goods with product warranty…

A: Product warranty means a condition to repair or replace the sold goods for damages within certain…

Q: 4. According to records of Hershey Company showed the following items as of December 31: Php 950,000…

A: Assets is the total of all the resources being held or acquired by the business. These can be…

Q: Boyd earned $35,000 of cash revenue during Year 1. Required Prepare an income statement and balance…

A: Concept of Working capital finance Bank finance - Credit Line from Bank Interest Calculation Profit…

Q: _____ 1. If Moonton Company instructed Northern Vale Division to supply Iron Hooks to Mooniyan…

A: When we take decision by using marginal costing , we…

Q: 21. Sprit Beverages, Inc. manufactures a sport drink on a continuous basis. The company makes…

A: No. of equivalent units Material Actual units Equivalent units Opening WIP 700 490 Units…

Q: When a firm gets riskier what will happen to its bonds Multiple Choice the market interest rate…

A: The primary risk associated with bonds are interest rate risk and market risk some corporation bonds…

Q: Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is…

Q: Define the Words “Accounting” in your own Words then add the Witty Hashtag about accounting

A: Accounting is the art of summarizing the financial data of the organization through proper book…

Q: Sugar Sweet (SS) Company produces and sells 7,000 specialty Treats per year at a selling price of…

A: The operating income refers to the difference between revenues and operating costs. The operating…

Q: Ariel Company purchased a boring machine on January 1, 2022 for P8,100,000. The useful life of the…

A: Introduction:- The following basic information as follows under:- Machine expected to units…

Q: 1. The Air Supply store begins each week with 365 tires in stock. This stock is depleted each week…

A: The carrying cost is the cost of holding inventory spend over a period of time by the entity.

Q: 16) sector companies purchase materials and components and conve goods. A) Merchandising…

A: Introduction:- The following type sector companies purchase materials and components and convert…

Q: At the end of the financial year ending 30 June 2022, the following adjustments are required.…

A: The adjustment entries are prepared to adjust the revenue and expenses at the year end. The…

Q: pllowing data are ttax using 12% ra eld as inventory

A: Given:

Q: If national income Y = 10,500, disposable income Yd = 8,500 , consumption is C = 8,000, transfer…

A: The answer is stated below:

Q: Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next…

A: Sales Budget: When it comes to sales budgets, they are simply financial projections that forecast a…

Q: $8,000 cash for six month

A: The journal entry is given as,

Q: ring the year, Feather reported net income of $700,000 and declared and paid d e investment's fair…

A: Statement of financial position refers to the statement which is prepared by company in order to…

Q: ustments to Net Income-Indirect Method pley Corporation's accumulated depreciation-equipment account…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: A debt of $17520 with internet at 6 % compounded quarterly is to be repaid by equal payments at the…

A: The question is based on the concept of Financial Management. Annuity refers to the series of equal…

Q: cements - A S ACC 201 Role of Acc X * CengageNOWv2 |0 difference in artist m. types of financial…

A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…

Q: Show Attempt History Current Attempt in Progress Sheffield is unable to reconcile the bank balance…

A: A bank reconciliation statement is a summary of banking and buiness activity that reconiles an…

Q: chinery and equipment (seven-year property) with a basis of $3,464,500 on June 6, 2020. Assume that…

A: As per Section 179, the maximum allowable deduction expense for 2020 is $1,040,000

Q: e total cost of manu ation p(x) of C(x) a e this with the exact n(x) about n(x 20

A: We will use linear approximation of a function let y = f(x) is the function to find local linear…

Q: With respect to the circular flow model of national income, which of the following statements is…

A: Circular flow model of National Income Circular flow model of national income which decides upon the…

Q: On December 31, it was estimated that goodwill of $4,950,000 was impaired. In addition, a patent…

A: Impairment Loss: The amount by which the carrying value of an asset or cash-generating unit exceeds…

Q: 3: Quantity and Lead times Quantity 1-200 201-550 551-999

A: Given as,

Q: Instructions General Jourmal Shaded cells have feedback Fava Company began operations in 2018 and…

A: A change in accounting principles, accounting assumptions, or the reporting entity is referred to as…

Q: You are the audit manager of Matfine & Co and are reviewing the key issues identified in the files…

A: Here discuss about the Auditors further proceeds to resolve the issues which are pertained with both…

Q: Which of the following statements is false? (a) If the payback period is less than the maximum…

A: * As per the bartleby guidelines in case of different questions answer first only 1) Payback period…

Q: A new CEO takes control of Do-Da Industries to turn it around (to make it profitable). Based on…

A: The controller here is essentially manipulating with the company’s books of accounts. This is being…

Q: Mail - Edjouline X Bb Content - ACG2 X CengageNOWv. x (58) YouTube from Towards a + x owerPoint…

A: LIFO method = Last in first out method Under LIFO method, the inventory bought or purchased last is…

Q: Rhett Corporation provides the following information for 2020: 20 Budgeted manufacturing…

A: The overhead rate is calculated as total overhead cost divided by estimated base activity. The…

Q: Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: $ 48,000…

A: Working capital means difference between total current assets and total current liabilities. It is…

Q: . Describe three reasons that a Bank Reconciliation Statement should be done

A: Bank Reconciliation Statement: Bank reconciliation statements describe banking and business…

Q: If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99…

A: T4 slip is the slip to be filled by the income tax payer in Country C by following the rules…

Q: Josie Gall's firm has develped the following supply, demand, cost and inventory data. Allocate…

A: The final cost can be defined as the cost which includes all related expenses. The minimum cost…

Question

Opportunity costs;
a. Are treated as period costs under variable costing
b. Have already been incurred as a result of past action
c. Are benefits that have been obtained by following another course of action
d. None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Which type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making? A. avoidable costs B. unavoidable costs C. sunk costs D. differential costs
Which type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making?A. avoidable costsB. unavoidable costsC. sunk costsD. differential costs
Which of the following best defines the concept of a relevant cost? a. A past cost that is the same among alternatives. b. A past cost that differs among alternatives. c. A future cost that is the same among alternatives. d. A future cost that differs among alternatives. e. A cost that is based on past experience.
An opportunity cost may be described as: a. a foregone benefit. b. a historical cost. c. a specialized type of variable cost. d. a specialized type of fixed cost.
A cost that has been incurred in the past, cannot be recouped, and is not relevant to future decisions is termed a a. period cost b. replacement cost c. sunk cost d. differential cost
For decision making purposes, relevant costs are:a. variable past costsb. all fixed and variable costsc. anticipated future costs that will differ among various alternativesd. costs incurred within the relevant range of productione. Discretionary costs refer to those costs which
Which type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making? Group of answer choices A. avoidable costs B. unavoidable costs C. sunk costs D. differential costs
A cost that has previously been incurred and can not be recovered by choosing one alternative over another is a(n): allocated cost fixed cost opportunity cost sunk cost avoidable cost
Which of the following costs can be ignored when making a decision?a. Opportunity costs. b. Differential costs. c. Sunk costs. d. Relevant costs.
In a decision analysis situation, which one of the following costs is generally not relevant to the decision?A. Differential cost.B. Avoidable cost.C. Incremental cost.D. Historical cost.
Consider the following statements concerning costs. 1. A committed cost cannot vary with the decision. 2. An outlay cost cannot vary with the decision. Are the above statements true or false?
Q.What are the consequences of misclassifying a non-value-added cost as a value-added cost? When in doubt, would you classify a cost as a value-added or non-value-added cost? Explain briefly.