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final. managerial accounting

Student name: TRUE/FALSE - Write ' T ' if the statement is true and ' F ' if the statement is false. 1) Managerial accounting is an activity that helps managers determine the costs of an organization's products and services, plan future activities, and compare actual results to planned results. true false FILL IN THE BLANK. Write the word or phrase that best completes each statement or answers the question. 2) A rate is calculated by dividing total estimated factory overhead by an activity base such as total estimated direct labor cost. 3) A company has sales of $15,000, variable costs of $9,000, and income of $1,200. The contribution margin ratio is 4) A production department reports equivalent units of production for conversion of 900,000 . costs of beginning work in process of $400,000, and costs added this period of $1,400,000. The cost per equivalent unit of production for conversion equals assuming that the company uses the weighted-average method. 5) A favorable variance for a cost means that when compared to the budget, the actual cost is than the budgeted cost. 6) An investment center has income of $5,000,000 and a target income of $4,000,000. Residual income equals 7) A(n) is the potential benefit lost by taking a specific action instead of alternative actions: 8) A(n) arises from a past decision and cannot be avoided or changed; it is irrelevant to current and future decisions. 9) Buying goods or services from an external supplier is called 10) A company produces one product that has a selling price of $500 per unit, and the company's target profit is 20% of the selling price. Under the target cost method, the highest acceptable cost per unit is

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