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answer to 10 - much on cost drivers and not enough on...

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1. Prior to World War II, the United States produced about seventy-five percent of the world's total goods and services. (Points: 5) False 2. The value chain is the set of value-creating activities that extends from the production of raw materials to the sale and servicing of finished goods. (Points: 5) True 3. A particular accounting system that is adequate for one company may be inadequate for another because of differences in strategies, markets, production and delivery systems, and controls. (Points: 5) True 4. JIT and TQM are not compatible philosophies since JIT relates to inventory and TQM is a management philosophy. (Points: 5) False 5. One shortcoming of traditional managerial accounting systems is that they focus too
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Unformatted text preview: much on cost drivers and not enough on reducing costs. (Points: 5) False 6. Product costs are the costs of resources consumed as part of administrative and selling activities during a fiscal period. (Points: 5) False 7. The costs of the significant raw materials from which a product is manufactured are classified as direct material costs. (Points: 5) True Markup is the difference between the unit cost and the selling price of a product. (Points: 5) True A differentiated product has some distinguishing characteristic or quality for which consumers are willing to pay a premium. (Points: 5) True Unit price is the difference between the price per unit of a product and the unit cost. (Points: 5) False...
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