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
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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
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- ______ are the costs associated with not choosing the other alternative. A. Sunk costs B. Opportunity costs C. Differential costs D. Avoidable costsWhy are there objections to using absorption costing when segment reports of profitability are being prepared?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 whichWhich 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 costsThe 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.
- 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.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 cannot be changed because it arises from a past decision and is irrelevant to future decisions is a. An uncontrollable cost. d. An opportunity cost. b. An out-of-pocket cost. e. An incremental cost. c. A sunk 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?Which of the following statements describes variable costs?A. Costs that vary on a per-unit basis as the level of activity changesB. Costs that vary in total in direct proportion to changes in the level of activityC. Costs that remain the same in total dollar amount as the level of activity changesD. Costs that vary on a per-unit basis, but remain the same in total as the level of activity changes
