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Accounting and Economic Analysis: Activity-Based Costing, Financial Principles, and Oligopoly Market Dynamics

This assignment analyzes the application of activity-based costing in accounting practices, financial principles, and oligopoly market conditions.

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Accounting and Economic Analysis: Activity-Based Costing, Financial Principles,and Oligopoly Market Dynamics1) A well-designed activity-based costing system starts with __________.A.analyzing the activities performed to manufacture a productB.assigning manufacturing overhead costs for each activity cost pool to productsC.computing the activity-based overhead rateD.identifying the activity-cost pools2) "Generally accepted" in the phrase generally accepted accounting principles means that theprinciples __________.A.have been approved for use by the managements of business firmsB.have been approved by the Internal Revenue ServiceC.have substantial authoritative supportD.are proven theories of accounting3) The income statement and balance sheet columns of Pine Company's worksheet reflects thefollowing totals:Income StatementBalance SheetDr.Cr.Dr.Cr.Totals$58,000$48,000$34,000$44,000The net income (or loss) for the period is __________.A.not determinableB.$10,000 lossC.$10,000 incomeD.$48,000 income4) These are selected account balances on December 31, 2008.Land (location of the corporation's office building)$150,000Land (held for future use)225,000Corporate Office Building900,000Inventory300,000Equipment675,000Office Furniture150,000Accumulated Depreciation450,000What is the net amount of property, plant, and equipment that will appear on the balance sheet?A.$1,425,000B.$1,950,000C.$2,400,000D.$1,650,0005) The first step in activity-based costing is to __________.

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