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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 23 - Goals Achievement

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Chapter 23 – Goals Achievement

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Goals Achievement
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Question 1 of 10

1. Question
Which cost element represents the key difference between absorption costing and variable costing?
- fixed manufacturing overhead
- variable manufacturing overhead
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Question 2 of 10

2. Question
Gross profit would appear in a variable costing income statement.
- true
- false
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Question 3 of 10

3. Question
With both variable costing and absorption costing, all selling and administrative costs, whether they be fixed or variable, are expensed in the period incurred.
- true
- false
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Question 4 of 10

4. Question
If the level of inventory increases during a period, then which method will produce the higher income?
- absorption costing
- variable costing
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Question 5 of 10

5. Question
In a contribution income statement, the contribution margin is the result of subtracting what amount from net sales?
- variable cost of goods sold
- variable cost of goods sold and variable selling and administrative expenses
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Question 6 of 10

6. Question
The controllable contribution margin is computed by subtracting fixed costs (that are both controllable by a segment and directly traceable to the segment) from the contribution margin.
- true
- false
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Question 7 of 10

7. Question
The controllable contribution margin minus uncontrollable fixed costs yields the:
- segment margin
- net income
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Question 8 of 10

8. Question
Segment data cannot be presented for external reporting purposes.
- true
- false
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Question 9 of 10

9. Question
The calculation of residual income reduces operating income by:
- operating assets times the cost of capital
- research and development expenditures
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Question 10 of 10

10. Question
The allocation of service department costs to productive departments, without involving any allocations of costs between service departments, is called:
- the direct method
- the step method
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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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