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ACCT 252 CHAPTER 1 2026 LATEST
QUESTIONS AND ANSWERS| ACE YOUR
GRADES.
1. Minor items such as nails and glue are usually considered to
be: - correct answer -indirect materials
2. Selling and administrative costs are ... costs. - correct answer
-direct or indirect
3. A potential benefit that is forfeited or lost when one decision is
chosen over another is called an ... - correct answer -
opportunity cost
4. Fixed costs that cannot be easily changed and often lock a
company into a multi-year decision are ... fixed costs. - correct
answer -committed
5. Common activity bases include: - correct answer -units sold,
direct labor hours, and machine hours
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6. Selling Costs include: - correct answer -sales salaries, sales
commissions, and advertising
7. Product costs: - correct answer -attach to units of product as
they are purchased for resale or produced and also called
inventorial costs
8. The revenue from selling one additional unit is called ...
revenue. - correct answer -marginal
9. Product costs are also called - correct answer -inventoriable
costs
10. The materials that go into the final product are called ...
materials. - correct answer -raw
11. a cost that contains both variable and fixed cost elements -
correct answer -mixed
ACCT 252 CHAPTER 1 2026 LATEST
QUESTIONS AND ANSWERS| ACE YOUR
GRADES.
1. Minor items such as nails and glue are usually considered to
be: - correct answer -indirect materials
2. Selling and administrative costs are ... costs. - correct answer
-direct or indirect
3. A potential benefit that is forfeited or lost when one decision is
chosen over another is called an ... - correct answer -
opportunity cost
4. Fixed costs that cannot be easily changed and often lock a
company into a multi-year decision are ... fixed costs. - correct
answer -committed
5. Common activity bases include: - correct answer -units sold,
direct labor hours, and machine hours
, Page | 2
6. Selling Costs include: - correct answer -sales salaries, sales
commissions, and advertising
7. Product costs: - correct answer -attach to units of product as
they are purchased for resale or produced and also called
inventorial costs
8. The revenue from selling one additional unit is called ...
revenue. - correct answer -marginal
9. Product costs are also called - correct answer -inventoriable
costs
10. The materials that go into the final product are called ...
materials. - correct answer -raw
11. a cost that contains both variable and fixed cost elements -
correct answer -mixed
