Chapter+2+Discussion+Questions+-+SV

Chapter+2+Discussion+Questions+-+SV -...

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Chapter 2 – Basic Managerial Accounting Concepts - Discussion Questions 1. What is the difference between cost and price?  On which financial statement  does price appear? 2. What is a cost object?  Give an example of a cost object. 3. What is the difference between a direct cost and an indirect cost?  Look at the  pen or pencil you are using to do your homework.  Give an example of direct cost  that went into making the pen or pencil and an indirect cost of making with it. 4. What is the difference between a variable cost and a fixed cost?  Give an  example of a cost that varies with the number of miles you drive the car each  week and an example of a cost that is fixed regardless of how many miles you  drive the car each week. 5. What are two major classifications of output?  Describe some of the  characteristics of each type and provide an example of each type. 6.
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Chapter+2+Discussion+Questions+-+SV -...

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