ACC 227 ACC227 Module 2 Homework Assignment Solution (AAU Online)

ACC 227 ACC227 Module 2 Homework Assignment Solution (AAU Online)

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Part I: Short Response

1.Identify the three management functions relating to the decision-making process.  Briefly define each function.

2.How do variable costs and fixed costs differ?  Give an example of each.

3.For what purpose is C-V-P analysis used?  In the process of using C-V-P analysis, what does it mean to “break even”?

4.Explain the difference between a product cost and a period cost?

5.Why should a firm know how much it costs to produce its goods and services?

6.Describe some possible resources that organizations can use to help improve quality while also reducing product costs.

7.Which three costs go into the work-in-process services account for a service company?  How does this account differ between service and manufacturing firms?

8.Beesley Company manufactures filing cabinets.  The company's costs appear in the chart below.  In an average year, the company manufactures 25,000 units.  What is the variable cost to manufacture each filing cabinet?

9.Which of the following is an example of an opportunity cost?

10.The president of Radkline Corporation, Karen Pinkus, has asked you, the company's controller, to advise her on whether Radkline should develop a new inventory management system.  Is the decision facing Karen Pinkus an example of a strategic planning decision, a capital budgeting decision, a production prioritization decision, or an operational budgeting decision?  Be sure to defend your answer.

Part II: Application

1.Exercise 15-20 “Manufacturing Costs” (p. 748)

2.Exercise 15-23 “Cost Classifications” (p. 749)

3.Exercise 16-27 “Predetermined Manufacturing Overhead Rates” (p. 803)


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