Solved

Accounting Terminology Listed Below Are Seven Technical Accounting Terms Introduced or Emphasized

Question 82

Essay

Accounting terminology
Listed below are seven technical accounting terms introduced or emphasized in this chapter:
Accounting terminology Listed below are seven technical accounting terms introduced or emphasized in this chapter: Each of the following statements may (or may not)describe one of these technical terms.In the space provided beside each statement,indicate the accounting term described,or answer None if the statement does not correctly describe any of the terms. ________ (a)Costs that jointly benefit several responsibility centers of the business and that do not vary significantly with changes in sales volume. ________ (b)The amount charged by a responsibility center for the goods it sells to another responsibility center. ________ (c)Used to evaluate the performance of a manager based solely on revenue and costs under the manager's control. ________ (d)A responsibility center of a business that may be evaluated by the return earned on assets. ________ (e)The subtotal in a responsibility income statement that is most useful in evaluating the short-term effects of various marketing strategies on profitability. Each of the following statements may (or may not)describe one of these technical terms.In the space provided beside each statement,indicate the accounting term described,or answer "None" if the statement does not correctly describe any of the terms.
________ (a)Costs that jointly benefit several responsibility centers of the business and that do not vary significantly with changes in sales volume.
________ (b)The amount charged by a responsibility center for the goods it sells to another responsibility center.
________ (c)Used to evaluate the performance of a manager based solely on revenue and costs under the manager's control.
________ (d)A responsibility center of a business that may be evaluated by the return earned on assets.
________ (e)The subtotal in a responsibility income statement that is most useful in evaluating the short-term effects of various marketing strategies on profitability.

Correct Answer:

verifed

Verified

(a)Common fixed costs
(b)Trans...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q77: Carrier Corporation produces heating and air conditioning

Q78: Responsibility income statement-cost classification<br>Milton's,a large department store,prepares

Q79: Evaluation of responsibility centers<br>Shown below are the

Q80: A common cost may become a traceable

Q81: Which of the following is not a

Q83: One purpose of a responsibility accounting system

Q84: In the short run,the greatest increase in

Q85: Responsibility margin is useful in evaluating the

Q86: Responsibility accounting systems measures the performance of:<br>A)The

Q87: The primary difference between profit centers and