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Terms in this set (34)All of the following costs are relevant to make or buy a decision 1. the opportunity cost of space Allocated common costs are never relevant in decision making The relevance of a particular cost to a decision is determined by the potential effect on the decision Relevant or differential cost analysis considers all variable and fixed costs as they change with each decision alternative The term that refers to costs incurred in the past that are not relevant to a future decision is sunk cost Which one of the following is most relevant to a manufacturing equipment replacement decision? disposal price of the old equipment Which of the following best describes a "sunk cost"? costs that were incurred in the past and cannot be changed For purposes of allocating joint costs to joint products, the sales value at split-off method can be used in these situations: no costs beyond split-off & costs beyond split-off In accounting for byproducts, the value of the byproduct may be recognized at the time of: production & sale To affect a decision a cost must be: future Incremental an expenditure which will be incurred or avoided as a result of making a decision Non-incremental
any costs which would be incurred whether or not the decision is made Costs that are irrelevant to decision making are: 1. sunk costs Differential analysis the process of estimating the consequences of alternative actions that decision makers can take Relevant Costs (or revenues) must meet two criteria: 1. they must be expected future amounts T/F- Costs that are relevant to one decision may not be relevant to a different decision true Total cost approach consider all costs Differential cost approach only factor in relevant costs The term relevant cost applies to all the following decision situations except the determination of a product price Alpha corporation is considering renting vacant office space to Beta Company. Which of the following is not relevant to this decision? The amount of property taxes paid by Alpha corp on the office space Incremental costs (revenues) the additional cost incurred for an activity/the additional revenue from an activity Differential costs (revenues) the difference in cost between two alternatives/the difference in revenues between two alternatives Opportunity cost the contribution to income that is foregone or rejected by not using a limited resource in its next best alternative use- not included in the accounting records Two common pitfalls in relevant-cost analysis:
Assuming all variable costs and fixed costs are relevant When considering a special order that will enable a company to make use of currently idle capacity, which of the following costs is irrelevant? depreciation In-sourcing process of producing goods or performing services within the organization rather than purchasing the same goods or services from outside suppliers Costs relevant to an in-sourcing decision 1. avoidable fixed costs What should be ignored when deciding whether to sell as is or process a product further? the costs incurred in producing the product as is Which of the following should not be considered for every option in the decision process? historical costs What is always the question to ask to determine if revenues or costs are relevant? what difference will a particular action make Bottleneck a phenomenon where the performance or capacity of an entire system is limited by a single or limited number of components or resources Main product output of a joint production process that yields one product with a high sales value compared to the sales values of the other outputs Joint products outputs of a joint production process that yields two or more products with a high sales value compared to the sales values of any other outputs Byproducts outputs of a joint production process that have low sales values compared to the sales value of the other outputs Sets with similar termsAccounting Ch. 2024 terms Maddy_Stearns MGMT ACCT - CHAPTER 1429 terms chareese_robinson 14, 15 Decision Making23 terms mullermk Chapter Ten; Relevant Information for Decision Mak…47 terms raduffy1 Sets found in the same folderChp 823 terms Kendall_Eisenberg ACC Ch 1237 terms dlayton Ch 12 quiz managerial8 terms cameron_zulcosky ISDS 3115 Chapter 7S29 terms mburle7525 Other sets by this creatorStrategic Management Final30 terms jrod_02 Strategic Management Exam 261 terms jrod_02 Advanced Law Exam 3141 terms jrod_02 Strategic Management Exam35 terms jrod_02 Verified questions
ADVANCED MATH Translate each sentence into an equation. Tell how you are assigning the two variables. a) The perimeter of a basketball court is 40 m. b) The average of two numbers is 15. c) The value of the quarters and loonies in a vending machine is $37. d) The total receipts from adult tickets at$20 each and student tickets at $12 each was$9250. Verified answer
ADVANCED MATH (a) Show that 7 and 18 are the only incongruent solutions of $x^{2} \equiv-1\left(\bmod 5^{2}\right) .$ (b) Use part (a) to find the solutions of $x^{2} \equiv-1\left(\bmod 5^{3}\right)$ Verified answer
ADVANCED MATH During the next three quarters, Airco faces the following demands for air conditioner compressors: quarter 1—200; quarter 2—300; quarter 3—100. As many as 240 air compressors can be produced during each quarter. Production costs/compressor during each quarter are given in Table 78. The cost of holding an air compressor in inventory is $100/quarter. Demand may be backlogged (as long as it is met by the end of quarter 3) at a cost of$60/compressor/quarter. Formulate the tableau for a balanced transportation problem whose solution tells Airco how to minimize the total cost of meeting the demands for quarters 1-3. TABLE 78: $$ \begin{matrix} \text{Quarter 1} & \text{Quarter 2} & \text{Quarter 3}\\ \text{\$200} & \text{\$180} & \text{\$240}\\ \end{matrix} $$ Verified answer
ADVANCED MATH The cost of producing x units of a product during a month is x2 dollars. Find the minimum cost method of producing 60 units during the next three months. Can you generalize this result to the case where the cost of producing x units during a month is an increasing convex function? Verified answer Recommended textbook solutionsNumerical Analysis9th EditionJ. Douglas Faires, Richard L. Burden 873 solutions Elementary Number Theory7th EditionDavid Burton 776 solutions A First Course in Mathematical Modeling5th EditionFrank R. Giordano 275 solutions Elementary Number Theory6th EditionDavid Burton 592 solutions Other Quizlet setsAud Ch2657 terms rlane02 Chapter 734 terms Fano2019 Troubleshooting basics30 terms KurtVineyard QUIZ 118 terms abuzinski Related questionsQUESTION which type of planning focuses on the specific actions a particular unit must take to fulfill its part of the Strategic plan? 8 answers QUESTION Implementation risk is best addressed by testing assumptions and making plans associated with the question 6 answers QUESTION . Point-counterpoint is a decision-making technique in which people are assigned to express competing points of view. 15 answers QUESTION Erin likes working in the banking industry because it has a lot of structure and certainty, and the daily work is routine. Erin probably 15 answers |
For a cost or revenue to be relevant to a particular decision, the cost or revenue must quizlet
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