The term "relevant range" means the range over which: a particular cost formula is valid. production may vary. Orelevant costs are incurred. costs may fluctuate
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- The term relevant range in cost accounting means the range over whicha. Cost may fluctuate.b. Cost relationships are valid.c. Production may vary.d. Relevant costs are incurred.Which of the following best describes a fixed cost? a.Cost representing a fixed proportion of total costs b.Cost directly related to output c.Cost that remains at the same level up to a particular level of output . d.Cost that remains at the same level when output increases.The distinction between indirect and direct costs depends on: Select one: a. whether a cost differs between alternatives. b. whether a cost is variable or fixed. c. whether a cost is a product or a period cost. d. whether a cost can be easily traced to the cost object under consideration. e. all of the above statements are correct.
- What is the term used to describe costs that increase in steps? A. Variable costs B. Fixed costs C. Mixed costs D. Semi-fixed costsThe cost that is used for the benefit of many cost objects and cannot be easily related to any specific cost object: Select one: O a. Fixed cost O b. Indirect cost O c. Direct cost d. Variable costVariable costs are costs that vary, in total, in direct proportion to changes in volume or level of activity. A True B False
- Which of the following is not a true statement about variable costs? a. Total cost is known to change in proportion to any changes in related level of volume or activity. O b. When considering total cost behaviour, focus on fixed and variable costs. O c. A total cost that can change in proportion to changes in the number of products produced. O d. Total cost never changes in proportion to any changes in related levels of volume or activity. O e. An important cost to identify so managers can make important management decisions.A cost that has characteristics of both a variable cost and a fixed cost is called a Oa. variable/fixed cost Ob. sunk cost Oc. discretionary cost Od, mixed costWhat costs are assigned to a segment under the contribution approach? Distinguish between a traceable fixed cost and a common fixed cost. Explain how the contribution margin is different from the segment margin.
- relevant costs are always: a.variable costs b.avoidable costs c.sunk costs d.fixed costsIn incremental analysis, the only costs to be considered are O relevant costs. sunk costs. O variable costs. O manufacturing costs.A price that can't be quickly or efficiently linked to a cost object is referred to as: Additional charges may apply. The total cost Costs incurred indirectly Cost of conversion.