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Question 20

When classifying quality costs, which of the following is NOT likely to be an appraisal cost?

Options:

A.

Cost of product liability insurance

B.

Cost of supervision of testing and inspection activities

C.

Performance testing costs

D.

Cost of maintaining inspection equipment

Question 21

How would the cost of recycling scrap be classified in an environmental costing system?

Options:

A.

Environmental internal failure cost

B.

Environmental appraisal cost

C.

Environmental prevention cost

D.

Environmental external failure cost

Question 22

Which ONE of the following describes full cost-plus pricing?

Options:

A.

A method determining the sales price by calculating the full cost of the product and adding a percentage mark-up for profit.

B.

A method determining the sales price by adding a profit margin onto variable production costs.

C.

A method determining the sales price by adding a profit margin onto variable sales costs.

D.

A method determining the sales price by calculating full production costs and adding a percentage mark-up for profit.

Question 23

A time series (TS) is made up of two main components i.e. trend (T) and the seasonal variation (SV).

The equation that represents the seasonal variation under the additive model is:

Options:

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Exam Code: P1
Exam Name: Management Accounting
Last Update: May 18, 2024
Questions: 260
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