4- The methods to approximate cost functions are not ________; managers frequently use two or more together to avoid ________ in measuring cost behavior.
A.mutually exclusive; errors B. similar; duplication C. complementary; errors D. the same; duplication
5- Which of the following is an example of using cost information for operational control?A. selection of value minus-chain function to emphasize in corporate mission
B. Evaluation of process improvement efforts in a manufacturing process C. determination of Cost of Goods Sold for the income statement D. identification of capital assets to acquire for expansion purposes
6-The statement of financial position is also called the ________.
A. statement of cash flows B. balance sheet C. statement of retained earnings D. income statement
7- The acquisition of inventory on account will ________.
A. Increase assets and increase liabilities
B. Decrease assets and decrease liabilities
C. Increase assets and decrease stockholders' equity
D. Increase assets and increase stockholders' equity