Accounting 2102PracticeFarmerTest 1 . . . Chapters 1, 2, 3, and 416. CHP 2 Which of the following statements concerning cost estimation models is correct?
17. CHP 2 Warm Water Please, LLC, a manufacturer of orchid pots, incurs only fixed and variable costs in its operations. When 10,000 orchid pots are produced, the company’s managerial accountant noted a fixed cost per pot of $5.50 and a variable cost per pot of $10.20. If production is expected to increase, which of the following statements is TRUE?
18. CHP 1 Financial and Managerial accounting are similar in that both:a.primarily emphasize future operating results and goals.b.use information provided by the internal accounting system.c.are regulated by outside regulatory agencies and commissions.d.provide information primarily to external users.e.are designed to meet the needs of managers.
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