&nbspQuiz 1Question 1. 1. Production of a custom home is not an

 Quiz 1Question 1. 1. Production of a custom home is not an application that can be accounted for using job costing. (Points : 1)         True        False Question 2. 2. A logical starting point for costing a job is to determine the amount of direct labor that is attributable to a specific job. (Points : 1)         True        False Question 3. 3. The main difference between job costing and process costing is that process costing captures costs by process or department rather than by specific job. (Points : 1)         True        False Question 4. 4. A cost of production report is generally prepared for each period under job costing. (Points : 1)         True        False Question 5. 5. ABC costing requires one to abandon attempts to distinguish product and period costs. (Points : 1)         True        False   Quiz 2Question 1. 1. Job Costing captures cists for each process involved in product creation. (Points : 1)         True        False Question 2. 2. Process Costing is applicable to homogenous goods that are produced in batches or continuous processes. (Points : 1)         True        False Question 3. 3. Manufacturing Overhead is only allocated under the process costing method of accounting. (Points : 1)         True        False Question 4. 4. Under applied overhead results when the actual overhead incurred is more than the amount assigned to production. (Points : 1)         True        False Question 5. 5. The concept of equivalent units only applies to ABC costing. (Points : 1)         True        False   Quiz 3 Question 1. 1. In business, mixed costs are actually quite common. (Points : 1)         True        False Question 2. 2. Under the high-low method of estimating fixed and variable costs from a mixed cost the highest and lowest cost levels are identified and the difference in activity is deemed to represent variable cost. (Points : 1)         True        False Question 3. 3. To calculate regression to find the fixed portion of mixed costs one needs to know how to use a slide rule. (Points : 1)         True        False Question 4. 4. The goal of CVP analysis is to provide a foundation for pricing decisions, product offerings, and management of an organization’s cost structure. (Points : 1)         True        False Question 5. 5. Changes in per-unit revenue, without changes in total fixed costs or per-unit variable costs can sometimes cause drastic impacts on firm profits. (Points : 1)         True        False Quiz 4 Question 1. 1. Utilizing the high-low method of estimating fixed and variable components of cost, the variable portion is divided by the difference in activity/consumption between the high and low cost levels to find the variable cost per unit. (Points : 1)         True        False Question 2. 2. When performing a CVP analysis the Margin of Safety is the amount by which the sales exceed the break-even sales level. (Points : 1)         True        False Question 3. 3. Under CVP & Absorption Cost one of the primary assumptions is that the firm is not a nonprofit organization. (Points : 1)         True        False Question 4. 4. Variable (direct) costing is approved for use by public corporations under GAAP. (Points : 1)         True        False Question 5. 5. When comparing absorption costing to variable costing the only difference is in the handling of fixed manufacturing overhead. (Points : 1)         True        False  Quiz 5  Question 1. 1. Job costing entails _____________________. (Points : 1)         tracking the costs of an employment search        development of a tracking system to match costs to jobs        estimating the price of raw materials that may be needed to complete a customer job        none of the items listed here  Question 2. 2. Job costing __________________________. (Points : 1)         is only used when manufacturing a product        cannot be used for a service business since no product is created        can be utilized in a variety of business types        cannot be utilized when manufacturing a product  Question 3. 3. Which of the following would typically use a process costing system? (Points : 1)         More than one of these listed.        Paint        Glass        Custom built home  Question 4. 4. The Equivalent units concept general applies to ___________________. (Points : 1)         job order costing        process costing        ABC costing        none of the items listed here  Question 5. 5. ABC is a costing model that _______________________. (Points : 1)         is simple and inexpensive to use        is rarely used because it is not very accurate        is not really a costing model        is not accepted by GAAP  Question 6. 6. Mixed costs ____________________________________. (Points : 1)         are costs that are all mixed up        have both a variable and a fixed component        are not impacted by volume fluctuations        are not defined in any of these responses  Question 7. 7. A technique used to estimate the fixed and variable components of a mixed cost is ____________. (Points : 1)         high-low method        regression analysis        is not represented here        represented by more than one of the solutions listed here  Question 8. 8. Cost-Volume-Profit Analysis ________________________. (Points : 1)         gives management the same information as the income statement        is helpful in assessing the relationships between costs, business volume, and profitability        is an essential tool used by investors to make investment decisions        can only be interpreted by a master accountant  Question 9. 9. Contribution margin _____________________________________. (Points : 1)         is equal to net income        equals variable expenses minus fixed expense        is the next available dollar of income after all fixed costs are covered        equals revenues minus variable expenses  Question 10. 10. Cost-Volume-Profit Analysis _____________________________. (Points : 1)         can be utilized to find the firms breakeven point in units        is only concerned with variable costs        is only concerned with fixed costs        is not represented by any of the answers listed here