true or false questions. answer can either be true or false

1. BREAK EVEN = TOTAL REVENUE = TOTAL COSTS

2. BREAK EVEN = ALL SALES/REVENUE COVERS ALL OF THE COMPANYS EXPENSES.

3. BREAK EVEN = CAN BE DESIGNATED IN $s or Volume.

4. DIRECT MATERIALS IS A VARIABLE COST.

5. INDIRECT LABOR IS A FIXED COST.

6. MAINTENANCE IS NORMALLY BOTH FIXED AND VARIABLE COSTS.

7. YOUR INTERNET SERVICE IS A VARIABLE COST.

8. CAR INSURANCE LIS TYPICALLY A FIOXED AND VARIABLE COSTS.

9. TARGET NET INCOME = SALES COSTS TAXES.

10. BREAK-EVEN SALES = ACTUAL SALES $ - MARGIN OF SAFETY $.

11. BREAK-EVEN ANALYSIS: TOTAL REVENUE > TOTAL COSTS = PROFIT.

12. BREAK-EVEN ANALYSIS: TOTAL REVENUE < TOTAL COSTS = LOSS.

13. TOTAL COSTS = VARIABLE COSTS + FIXED + ALL OTHER EXPENSES.

14. ECONOMIES OF SCALE IS WHEN UNIT COSTS DROP SUBSTANTIALLY AS PRODUCTION VOLUME INCREASES.

15. DISECONOMIES OF SCALE IS WHEN MORE PRODUCTION INCREASES UNIT COSTS IOMMEDIATELY.

16. JIT IS AN INVESTMENT STRATEGY TO IMPROVE INVENTORY CONTROL.

17. JIT WAS INVENTED BY THE GERMANS 5- YEARS AGO.

18. ABC MEANS ACTIVITY BASED COSTING AND IT IS VERY SIMILAR TO JOB PROCESS COSTING.

19. IN A TYPICAL MANUFACTURING ENVIRONMENT COSTS DRIVERS ARE MACHJINE HOURS, LABOR HOURS, ANDNUMBER OF PRODUCTS ASSEMBLED.

20. PROCESS COSTING COVERS THE OVERALL COMPANY OPERATION VS. JOB COSTING.

21. JOB COSTING IS MORE IMPORTANT WHEN DETERMINING CUSTOMER DETAILED ORDER ACTIVITY.

22. JOB ORDER COSTING IS VERY SIMILAR TO PROCESS COSTING.

23. COGS IS THE SAME FOR JOB ORDER COSTING AND PROCESS COSTING.

24. THERE ARE FIVE MAIN TYPES OF INVENTORYWHEN CONSIDERING FINISHED PRODUCT.\

25. FINISHED PRODUCT INVENTORY IS ALWAYS THE MOST IMPORTANT EVEN WHEN WE RUN OUT OF RAW MATERIALS.

26. WORK IN PROCESS IS GENERALLY THE MOST EXPENSIVE TYPE OF INVENTORY.

27. PREDETERMINED OVERHEAD RATE IS ALWAYS A VERY IMPORTANT PART OF ANY COSTING ANALYSIS.

28. RAW MATERIALS + WORK IN PROCESS + ACCESSORIES = FINISHED PRODUCT INVENTORY.

29. COGS = FINISHED PRODUCT INVENTORY.

30. RAW MATERIAL COSTS ARE > WORK IN PROCESS COSTS.