The break-even point is where total sales equal total variable costs *

True

False

To perform cost-volume-profit analysis, a company must be able to separate costs into fixed and variable components *

True

False

In CVP analysis, variable costs include direct variable costs, but do NOT include indirect variable costs *

True

False

The high-low method is used in classifying a mixed cost into its variable and fixed elements *

True

False

Financial accounting reports are general-purpose, whereas managerial accounting reports are usually special-purpose *

True

False