Accounting Quiz: Practice Exam!

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Questions: 25 | Attempts: 986 | Updated: Mar 22, 2023

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Current Version
Mar 22, 2023

Quiz Edited by
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Apr 29, 2011

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Accounting Quiz: Practice Exam!

Based on the information in Table M5-2, assuming Laramie Tack & Saddle uses the high-low method to separate mixed costs, if the company processes 4,100 packages during July, the total variable cost will be:

What is the amount of fixed cost per sales dollar using the high-low method?

Using the high-low method, what is the amount of salesperson’s earnings if the sales are $2,750,000?

Instead of plotting mixed cost data manually:

Which of the following is an example of a variable cost related to sales activity?

The engineering approach to cost identification relies heavily on the use of:

Which of the following is not an example of a fixed cost?

The method used to separate mixed costs that use only two data points (even if more reliable points are available) is called:

Based on the information in Table M5-4, the total cost of operating the purchasing department if 1,500 purchase orders are processed would be about:

The method used to separate the components of mixed cost which focuses on the mathematical differences between the two extremes of observations is called:

A drawback to using the high-low method is that this method is based on:

When the scatter graph method is compared with the high-low method, the fixed and variable costs will be:

An accountant would use which formula to find the number of variable costs?

A cost that does not change as the level of business activity changes is a:

The most mathematically complex method used for separating mixed costs is:

In the basic mathematical regression equation, the X represents:

Fixed costs are costs that in total, but as the business activity level changes.

Activities that are outside of the relevant range:

In the basic mathematical regression equation, the Y represents:

An equation used to determine the components of mixed cost is:

The reaction of costs to changes in levels of business activity is called:

The information from Table M5-2 for applying the high-low method should come from the months of:

Based on the information in Table M5-1, the types of cost that would be considered a mixed cost for Horse & Buggy would be:

When a cost no longer holds to its cost behavior pattern, the activity may be:

__________ costs change in total proportionately with changes in the level of business activity.

Accounting Quiz: Practice Exam!

Based on the information in Table M5-2, assuming Laramie Tack & Saddle uses the high-low method to separate mixed costs, if the company processes 4,100 packages during July, the total variable cost will be:

What is the amount of fixed cost per sales dollar using the high-low method?

Using the high-low method, what is the amount of salesperson’s earnings if the sales are $2,750,000?

Instead of plotting mixed cost data manually:

Which of the following is an example of a variable cost related to sales activity?

The engineering approach to cost identification relies heavily on the use of:

Which of the following is not an example of a fixed cost?

The method used to separate mixed costs that use only two data points (even if more reliable points are available) is called:

Based on the information in Table M5-4, the total cost of operating the purchasing department if 1,500 purchase orders are processed would be about:

The method used to separate the components of mixed cost which focuses on the mathematical differences between the two extremes of observations is called:

A drawback to using the high-low method is that this method is based on:

When the scatter graph method is compared with the high-low method, the fixed and variable costs will be:

An accountant would use which formula to find the number of variable costs?

A cost that does not change as the level of business activity changes is a:

The most mathematically complex method used for separating mixed costs is:

In the basic mathematical regression equation, the X represents:

Fixed costs are costs that __________ in total, but __________ as the business activity level changes.

Activities that are outside of the relevant range:

In the basic mathematical regression equation, the Y represents:

An equation used to determine the components of mixed cost is:

The reaction of costs to changes in levels of business activity is called:

The information from Table M5-2 for applying the high-low method should come from the months of:

Based on the information in Table M5-1, the types of cost that would be considered a mixed cost for Horse & Buggy would be:

When a cost no longer holds to its cost behavior pattern, the activity may be:

__________ costs change in total proportionately with changes in the level of business activity.

Fixed costs are costs that in total, but as the business activity level changes.