24) A disadvantage of engineering analysis which is used to estimate cost functions is ________.
A) it fails to produce a cost function
B) it is a costly process
C) it is not acceptable under Generally Accepted Accounting Principles
D) it cannot be used with mixed costs
25) In order to estimate cost functions using account analysis, users rely on the ________ for information about cost behavior.
A) management audit
B) performance report
C) value chain
D) accounting system
26) Account analysis ________.
A) is less expensive than engineering analysis
B) is more expensive than engineering analysis
C) cannot be used for mixed costs
D) does not require accounts from the accounting system
27) Engineering analysis and account analysis are similar because ________.
A) both provide timely results
B) both do not develop a cost function
C) both provide more objective results than the high-low method
D) both require the subjective judgment of the analyst
28) Account analysis and engineering analysis will remain the ________ methods of measuring cost behavior because the other methods ________.
A) unused; are more objective
B) unused; are more accurate
C) popular; require more past cost data
D) popular; are too difficult to work with
29) Which statement is TRUE regarding the high-low method to approximate a linear cost function?
A) The second step in the high-low method is to plot the historical data points on a graph.
B) Outliers should not be removed from the analysis.
C) Draw a line through all the data points using judgment to fit the line as close as possible to all the plotted points.
D) The point at which the line intersects the Y-axis is the estimate of fixed costs.
30) Presented below is the production data for the first six months of the year showing the mixed costs incurred by Eunice Company.
Month Cost Units
Eunice Company uses the high-low method to analyze mixed costs. The variable cost per unit is ________.
31) The following data has been assembled for Mildred Company. Use the high-low method.
Month Cost Hours
The variable cost per hour is ________.
32) Presented below is the production data for six months of the year showing the mixed costs incurred by Kennedy Company.
Month Cost Units
Kennedy Company uses the high-low method to analyze mixed costs. The total fixed cost is ________.
33) The following data has been assembled for Arnold Company. Use the high-low method.
Month Cost Hours
The total fixed cost is ________.
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