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You can take the self-study quizzes before or after going through the material. These quizzes exist to test your knowledge of the material and are part of your grade. You can take each quiz multiple times. Once you have completed the quiz you can show your results in two ways:
1. Copy and paste it on to a word document and attach it to the discussion post below or
2. By making use of snipping tool or PrtScn (Print Screen) take the image of the result part showing that you have got 100% correct answers and paste that image in the discussion post below
In order to get full credit for this activity you need to score 100% on the quiz from every Chapter.Â
To access the quiz please use the links given below or you can also access them through the Assignments tab – Week 3 Additional Resources:
Chapter 5 Quiz study
Cost-Volume-Profit Relationships
After studying Chapter 5, you should be able to:
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LO 5-1 |
Explain how changes in activity affect contribution margin and net operating income. |
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LO 5-2 |
Prepare and interpret a cost-volume-profit (CVP) graph and a profit graph. |
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LO 5-3 |
Use the contribution margin ratio (CM ratio) to compute changes in contribution margin and net operating income resulting from changes in sales volume. |
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LO 5-4 |
Show the effects on net operating income of changes in variable costs, fixed costs, selling price, and volume. |
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LO 5-5 |
Determine the break-even point. |
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LO 5-6 |
Determine the level of sales needed to achieve a desired target profit. |
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LO 5-7 |
Compute the margin of safety and explain its significance. |
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LO 5-8 |
Compute the degree of operating leverage at a particular level of sales and explain how it can be used to predict changes in net operating income. |
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LO 5-9 |
Compute the break-even point for a multiproduct company and explain the effects of shifts in the sales mix on contribution margin and the break-even point. |
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Chapter 6 Quiz study
Variable Costing and Segment Reporting: Tools for Management
After studying Chapter 6, you should be able to:
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LO 6-1 |
Explain how variable costing differs from absorption costing and compute unit product costs under each method. |
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LO 6-2 |
Prepare income statements using both variable and absorption costing. |
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LO 6-3 |
Reconcile variable costing and absorption costing net operating incomes and explain why the two amounts differ. |
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LO 6-4 |
Prepare a segmented income statement that differentiates traceable fixed costs from common fixed costs and use it to make decisions. |
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LO 6-5 |
Compute companywide and segment break-even points for a company with traceable fixed costs. |
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LO 6-6 |
(Appendix 6A) Prepare an income statement using super-variable costing and reconcile this approach with variable costing. |