“I.
Fill in the blank: Only Bold ones can be used more than once.
Break-even volume Budgeting Contribution margin Controller Conversion- cost
Financial- accounting Fixed- cost Management accounting Non-monetary data Opportunity cost Period
cost
Precision Prime
cost Product cost
Responsibility center
Semi-variable costs Step function
cost Sticky Sunk cost Variable cost

1. __________________ is concerned with
providing information for the use of those who are inside the organization,
whereas ___________________ is concerned with providing information for the use
of those who are outside the organization.
2. Managerial accounting places less emphasis
on _______________ and more emphasis on ________________ than financial
accounting.
3. A(n) _________________ is an organization
unit headed by a manager who is responsible for its operations and performance.
4. Estimates of future responsibility costs
are used in the planning process, particularly in the annual planning process
called _______________.
5. A __________________ remains constant in
total amount. It does not vary with volume of activity, but varies per unit of
activity.
6. _______________ remains constant if
expressed on a unit basis. It changes in
total as the level of activity changes.
7. __________________ are those costs that
include a combination of variable cost and fixed cost items.
8. Some costs are _____________ primarily
because managers tend to increase resources more readily when volumes increase
than they reduce them when volumes decrease.
9. _________________are incurred when resources
are used in discrete chunks such as when one supervisor is added for every
additional non-supervisory employees.
10. Crestline Books, Inc., prints a small book
titled The Picket Speller. The paper going into the manufacture of the book
would be called direct materials and classified as a _____________ cost. In
terms of cost behavior, the paper could also be described as ________________
cost with respect to the number of books printed.
11. Instead of compiling the words in the book,
the author hired by the company could have earned considerable fees consulting
with business organizations. The consulting fees forgone by the author would be
called _________________.
12. The paper and other materials used in the
manufacture of the book, combined with the direct labor cost involved, would be
called ______________ cost.
13. The
salary of Crestline Books president would be classified as a ______________
cost, and the salary will appear on the income statement as an expense in the
time period in which it is incurred.
14. Depreciation on the equipment used to print
the book would be classified by Crestline Books as a _____________ cost.
However, depreciation on any equipment used by the company in selling and
administrative activities would be classified as a _____________ cost. In terms
of cost behavior, depreciation would probably be classified as a ___________
cost with respect to the number of books printed.
15. The ________________ is the amount
remaining from sales revenues after variable expenses have been deducted. This
amount contribute toward covering fixed expenses and then toward profits for
the period.
16. At the ________________, total costs equal
total revenue.
17. A
____________ cost is also known as an inventoriable cost, since such
costs go into the Work in Process inventory account and then into the Finished
Goods inventory account before appearing on the income statement as part of
cost of good sold.
18. Taken together, the direct labor cost and
manufacturing overhead cost involved in the manufacture of the book would be
called ______________ cost.
19. Crestline Books sells the book through
agents who are paid a commission on each book sold. The company would classify
these commissions as a ________________ cost. In terms of cost behavior,
commissions would be classified as a _____________ cost.
20. Several hundred copies of the book were
left over from the previous edition and are stored in a warehouse. The amount
invested in these books would be called a _____________ cost.
21. Costs can often be classified in several
ways. For example, Crestline Books pays $4,000 rent each month on the building
that houses its printing press. The rent would be part of manufacturing
overhead. In terms of cost behavior, it would be classified as a ___________
cost. The rent can also be classified as a ___________ cost and as part of
_____________ cost.
I.
Fill in the blank: Only Bold ones
can be used more than once. Break-even volume Budgeting Contribution margin Controller Conversion- cost
Financial- accounting Fixed- cost Management accounting Non-monetary data Opportunity cost Period
cost
Precision Prime
cost Product cost
Responsibility center
Semi-variable costs Step function
cost Sticky Sunk cost Variable cost 1. __________________ is concerned with
providing information for the use of those who are inside the organization,
whereas ___________________ is concerned with providing information for the use
of those who are outside the organization.2. Managerial accounting places less emphasis
on _______________ and more emphasis on ________________ than financial
accounting. 3. A(n) _________________ is an organization
unit headed by a manager who is responsible for its operations and performance.4. Estimates of future responsibility costs
are used in the planning process, particularly in the annual planning process
called _______________. 5. A __________________ remains constant in
total amount. It does not vary with volume of activity, but varies per unit of
activity. 6. _______________ remains constant if
expressed on a unit basis. It changes in
total as the level of activity changes.7. __________________ are those costs that
include a combination of variable cost and fixed cost items.8. Some costs are _____________ primarily
because managers tend to increase resources more readily when volumes increase
than they reduce them when volumes decrease.9. _________________are incurred when resources
are used in discrete chunks such as when one supervisor is added for every
additional non-supervisory employees. 10. Crestline Books, Inc., prints a small book
titled The Picket Speller. The paper going into the manufacture of the book
would be called direct materials and classified as a _____________ cost. In
terms of cost behavior, the paper could also be described as ________________
cost with respect to the number of books printed.11. Instead of compiling the words in the book,
the author hired by the company could have earned considerable fees consulting
with business organizations. The consulting fees forgone by the author would be
called _________________.12. The paper and other materials used in the
manufacture of the book, combined with the direct labor cost involved, would be
called ______________ cost.13. The
salary of Crestline Books president would be classified as a ______________
cost, and the salary will appear on the income statement as an expense in the
time period in which it is incurred.14. Depreciation on the equipment used to print
the book would be classified by Crestline Books as a _____________ cost.
However, depreciation on any equipment used by the company in selling and
administrative activities would be classified as a _____________ cost. In terms
of cost behavior, depreciation would probably be classified as a ___________
cost with respect to the number of books printed. 15. The ________________ is the amount
remaining from sales revenues after variable expenses have been deducted. This
amount contribute toward covering fixed expenses and then toward profits for
the period. 16. At the ________________, total costs equal
total revenue.17. A
____________ cost is also known as an inventoriable cost, since such
costs go into the Work in Process inventory account and then into the Finished
Goods inventory account before appearing on the income statement as part of
cost of good sold.18. Taken together, the direct labor cost and
manufacturing overhead cost involved in the manufacture of the book would be
called ______________ cost.19. Crestline Books sells the book through
agents who are paid a commission on each book sold. The company would classify
these commissions as a ________________ cost. In terms of cost behavior,
commissions would be classified as a _____________ cost.20. Several hundred copies of the book were
left over from the previous edition and are stored in a warehouse. The amount
invested in these books would be called a _____________ cost.21. Costs can often be classified in several
ways. For example, Crestline Books pays $4,000 rent each month on the building
that houses its printing press. The rent would be part of manufacturing
overhead. In terms of cost behavior, it would be classified as a ___________
cost. The rent can also be classified as a ___________ cost and as part of
_____________ cost. “