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cost accounting test bank chapter 14

cost accounting test bank chapter 14
cost accounting test bank chapter 14

Cost Accounting, 15e (Horngren/Datar/Rajan)

Chapter 14 Cost Allocation, Customer-Profitability Analysis, and Sales-Variance Analysis

Objective 14.1

1) Costs which are NOT economically feasible to trace but which are related to a cost object are known as ________.

A) incremental costs

B) marginal costs

C) indirect costs

D) variable costs

Answer: C

Diff: 1

Objective: 1

AACSB: Analytical thinking

2) The reporting and assessment of revenues earned from customers and the costs incurred to earn those revenues is ________.

A) creditor-age analysis

B) customer-profitability analysis

C) debtor-cost analysis

D) customer-turnover analysis

Answer: B

Diff: 1

Objective: 1

AACSB: Analytical thinking

3) Customer revenues and ________ are the determinants of customer profitability.

A) customer profile

B) customer costs

C) customer location

D) customer industry

Answer: B

Diff: 2

Objective: 1

AACSB: Analytical thinking

4) The cost of visiting customers would most likely be classified as a ________.

A) customer output unit-level cost

B) customer batch-level cost

C) customer-sustaining cost

D) corporate-sustaining cost

Answer: C

Diff: 1

Objective: 1

AACSB: Analytical thinking

5) Costs incurred to handle each unit sold would most likely be classified as a ________.

A) customer output unit-level cost

B) customer batch-level cost

C) customer-sustaining cost

D) corporate-sustaining cost

Answer: A

Diff: 1

Objective: 1

AACSB: Analytical thinking

6) The cost of the manager of a retail distribution channel would most likely be classified as a ________.

A) customer-sustaining cost

B) distribution-channel cost

C) customer batch-level cost

D) corporate-sustaining cost

Answer: B

Diff: 1

Objective: 1

AACSB: Analytical thinking

7) Costs incurred to process orders would most likely be classified as a ________.

A) customer output unit-level cost

B) customer batch-level cost

C) customer-sustaining cost

D) corporate-sustaining cost

Answer: B

Diff: 1

Objective: 1

AACSB: Analytical thinking

8) To improve customer profitability, companies should track ________.

A) only the final invoice price of a sale

B) the volume of the products purchased by each customer

C) the location of each customer

D) the customer profile

Answer: B

Diff: 2

Objective: 1

AACSB: Analytical thinking

9) Customers making large contributions to the profitability of the company should ________.

A) be treated the same as other customers because all customers are important

B) receive a higher level of attention from the company than less profitable customers

C) be charged higher prices for the same products than less profitable customers

D) not be offered the volume-based price discounts offered to less profitable customers

Answer: B

Diff: 2

Objective: 1

AACSB: Analytical thinking

10) To reduce distribution-channel costs, a company could ________.

A) improve the efficiency of the ordering process

B) make fewer customer visits

C) eliminate distribution to retailers and only service wholesalers

D) reduce product-handling costs

Answer: C

Diff: 3

Objective: 1

AACSB: Analytical thinking

11) Price discounts are influenced by ________.

A) the volume of product purchased

B) the prime cost of production

C) the operational budget

D) the contribution -margin per unit

Answer: A

Diff: 3

Objective: 1

AACSB: Analytical thinking

12) Managers use customer-profitability analysis report to ensure that ________.

A) unpaid invoices are categorized according to age by due date

B) costs related to customers are segmented into different cost pools on the basis of different types of cost drivers or cost-allocation bases

C) customers making large contributions to the operating income of a company receive a high level of attention from the company

D) cost allocation of indirect cost is in place

Answer: C

Diff: 2

Objective: 1

AACSB: Analytical thinking

13) Which of the following illustrates a purpose for allocating costs to cost objects?

A) to provide information for cost-control and pricing decisions

B) to provide information to customers

C) to determine marginal cost

D) to measure capital expenditure

Answer: A

Diff: 2

Objective: 1

AACSB: Analytical thinking

14) The costs of all six value-chain functions should be included when determining ________.

A) the prime cost of a product

B) the selling price of a product

C) the contribution margin per unit

D) the cost of capital

Answer: B

Diff: 3

Objective: 1

AACSB: Analytical thinking

15) Which purpose of cost allocation is used to encourage sales representatives to push high-margin products or services?

A) to provide information for economic decisions

B) to motivate managers and other employees

C) to justify costs or compute reimbursement

D) to measure income and assets for reporting to external parties

Answer: B

Diff: 2

Objective: 1

AACSB: Analytical thinking

16) Costs of activities to sell each unit to a customer is an example of ________.

A) customer-sustaining costs

B) division-sustaining costs

C) customer output unit-level costs

D) distribution-channel costs

Answer: C

Diff: 2

Objective: 1

AACSB: Analytical thinking

17) ________ categorizes costs related to customers into different cost pools on the basis of either different classes of cost drivers or different degrees of difficulty in determining the cause-and-effect (or

benefits-received) relationships.

A) Customer-profitability analysis

B) Customer revenues

C) Customer cost hierarchy

D) Price discounting

Answer: C

Diff: 1

Objective: 1

AACSB: Analytical thinking

18) To analyze customer profitability, corporate-sustaining costs should be allocated to customers. Answer: FALSE

Explanation: The allocation of corporate-sustaining costs serves no purpose in assessing customer profitability, decision making, performance evaluation, or motivation.

Diff: 2

Objective: 1

AACSB: Analytical thinking

19) Costs of activities related to a group of units sold to a customer is termed as customer batch-level costs.

Answer: TRUE

Diff: 1

Objective: 1

AACSB: Analytical thinking

20) A price discount is the reduction in selling price below list selling price to encourage customers to purchase more quantities.

Answer: TRUE

Diff: 1

Objective: 1

AACSB: Analytical thinking

21) Tracking price discounts by customer and by salesperson helps improve customer profitability. Answer: TRUE

Diff: 1

Objective: 1

AACSB: Analytical thinking

22) Customer-profitability analysis is the reporting and assessment of revenues earned from customers and the costs incurred to earn those revenues.

Answer: TRUE

Diff: 1

Objective: 1

AACSB: Analytical thinking

23) Costs of displays at customer sites is an example of customer batch-level costs.

Answer: FALSE

Explanation: Costs of displays at customer sites is an example of customer-sustaining costs.

Diff: 2

Objective: 1

AACSB: Analytical thinking

24) Customer-sustaining costs is the costs of activities to support individual customers, regardless of the number of units or batches of product delivered to the customer.

Answer: TRUE

Diff: 2

Objective: 1

AACSB: Analytical thinking

25) All customers are equally important to a company and should receive equal levels of attention. Answer: FALSE

Explanation: Customers should receive a level of attention from the company that matches their contribution to the company's profitability.

Diff: 2

Objective: 1

AACSB: Analytical thinking

26) Price discounts must be uniform among all customers.

Answer: FALSE

Explanation: Price discounts will depend on the size of the purchase and the importance of the customer.

Diff: 2

Objective: 1

AACSB: Analytical thinking

27) There are two elements that influence customer profitability - revenues and costs.

Answer: TRUE

Diff: 2

Objective: 1

AACSB: Analytical thinking

28) Companies that only record the invoice price can usually track the magnitude of price discounting. Answer: FALSE

Explanation: To track discounting, the discount must be recorded.

Diff: 2

Objective: 1

AACSB: Analytical thinking

29) A customer cost hierarchy categorizes costs related to customers into different cost pools on the basis of different cost drivers.

Answer: TRUE

Diff: 2

Objective: 1

AACSB: Analytical thinking

30) An activity-based costing system may focus on customers rather than products.

Answer: TRUE

Diff: 2

Objective: 1

AACSB: Analytical thinking

31) A customer cost hierarchy may include customer-sustaining costs.

Answer: TRUE

Diff: 2

Objective: 1

AACSB: Analytical thinking

32) A customer cost hierarchy may include distribution-channel costs.

Answer: TRUE

Diff: 1

Objective: 1

AACSB: Analytical thinking

33) Corporate-sustaining costs are costs of activities to support individual customers, regardless of the number of units or batches of product delivered to the customer.

Answer: FALSE

Explanation: Customer-sustaining costs are costs of activities to support individual customers, regardless of the number of units or batches of product delivered to the customer.

Diff: 2

Objective: 1

AACSB: Analytical thinking

34) In general, distribution-channel costs are more easily influenced by customer actions than customer batch-level costs.

Answer: FALSE

Explanation: In general, customer batch-level costs are more easily influenced by customer actions than distribution-channel costs.

Diff: 3

Objective: 1

AACSB: Analytical thinking

35) If one of five distribution channels is discontinued, corporate-sustaining costs such as general administration costs will most likely be reduced by 20%.

Answer: FALSE

Explanation: If one of five distribution channels is discontinued, corporate-sustaining costs such as general administration costs will most likely not be affected.

Diff: 3

Objective: 1

AACSB: Analytical thinking

36) Colise Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records are kept on the time and material costs used for each repair. The following profitability data apply to five customers:

Customer Revenues Customer Costs

Marveline Burnett $360 $270

J Jackson 240 366

Roger Jones 96 90

Paul Saas 90 132

Becky Stephan 420 264

Required:

a. Compute the operating income for each of the five customers.

b. What options should Colise Services consider in light of the customer-profitability results?

c. What problems might Colise Services encounter in accurately estimating the operating costs of each customer?

Answer:

a. Customer Revenues Customer Costs Operating income

Marveline Burnett $360 $270 $ 90

J Jackson 240 366 (126)

Roger Jones 96 90 6

Paul Saas 90 132 (42)

Becky Stephan 420 264 156

b. 1. Pay increased attention to the profitable customers Stephan and Burnett.

2. Seek ways of reducing costs and increasing revenues for the loss accounts of J Jackson and Paul Saas. Work with the customers so their behavior reduces overall costs. Reduce costs with better scheduling. Maybe a different fee schedule needs to be implemented depending on the age of the house, the distance to the home, if the repair is preventive or an emergency, etc. Determine whether the operating income pattern will probably continue or not and why.

3. As a last resort, the company may want to discontinue the Jackson account if the customer does not agree to a fee increase and the operating loss pattern is expected to continue.

c. Problems in accurately estimating operating costs of each customer include:

1. The basic underlying records may not be accurate.

2. Some repair personnel may be efficient and more experienced, others may be less experienced and slower, and still others may "chit-chat" more with the clients than others.

3. Costs that are allocated to more than one customer may be distorting operating income.

Diff: 2

Objective: 1

AACSB: Application of knowledge

37) How can a company's revenues and costs differ across customers?

Answer: Revenues differ because of differences in the quantity purchased and price discounts.

Costs differ because different customers place different demands on a company's resources in terms of processing sales orders, making deliveries, and customer support.

Diff: 3

Objective: 1

38) Explain the importance of customer-profitability analysis.

Answer: Customer-profitability analysis is the reporting and assessment of revenues earned from customers and the costs incurred to earn those revenues. An analysis of customer differences

in revenues and costs reveals why differences exist in the operating income earned from different customers. Managers use this information to ensure that customers making large contributions to the operating income of a company receive a high level of attention from the company and that loss-making customers do not use more resources than the revenues they provide.

Diff: 3

Objective: 1

AACSB: Analytical thinking

39) Consider revenues from three of Megafy's 10 wholesale customers in 2015:

What conclusion can be drawn from the above data? Which steps the manager of the company can take? Answer: The company managers may decide to strictly enforce its volume-based price discounting policy. The company may also require its salespeople to obtain approval for giving large discounts to customers who do not normally qualify for them. In addition, the company could track future sales to customers who have received sizable price discounts on the basis of their "high growth potential." For example, managers should track future sales to Customer C to see if the $100-per-computer discount translates into higher future sales.

Diff: 3

Objective: 1

AACSB: Application of knowledge

Objective 14.2

1) An advantage of using a bar chart to visualize customer profitability is that ________.

A) differences in commissions paid to sales persons stand out

B) the number of "unprofitable" customers stand out

C) trends in the volume of purchases become apparent

D) company can get ideas about new products or improved methods

Answer: B

Diff: 3

Objective: 2

AACSB: Analytical thinking

2) Dropping an unprofitable customer will ________.

A) eliminate long-run costs assigned to that customer

B) eliminate most short-run costs assigned to that customer

C) decrease long-run profitability

D) increase the potential to cross-sell other products that are more desirable

Answer: B

Diff: 3

Objective: 2

AACSB: Analytical thinking

3) The chart used to express customer profitability is called the whale curve because ________.

A) it is forward-bending at the point where customers start to become profitable and thus resembles a humpback whale

B) it is forward-bending at the point where customers start to become unprofitable and thus resembles a humpback whale

C) it is backward-bending at the point where customers start to become profitable and thus resembles a humpback whale

D) it is backward-bending at the point where customers start to become unprofitable and thus resembles a humpback whale

Answer: D

Diff: 2

Objective: 2

AACSB: Analytical thinking

4) Discontinuing an unprofitable customer ________.

A) will eliminate all corporate costs assigned to and may result in losing more revenues relative to costs saved

B) will eliminate all costs assigned to and may result in gaining more revenues relative to costs saved

C) will not eliminate all costs assigned to and may result in losing more revenues relative to costs saved

D) will not eliminate all corporate costs assigned to and may result in gaining more revenues relative to costs saved

Answer: C

Diff: 3

Objective: 2

AACSB: Analytical thinking

5) It is common to find that a small number of customers generate a high percentage of operating income. Answer: TRUE

Diff: 2

Objective: 2

AACSB: Analytical thinking

6) Managers who utilize customer profitability charts should drop customers that generate a negative customer operating income, since dropping an unprofitable customer will automatically cause overall income to increase.

Answer: FALSE

Explanation: Managers who utilize customer profitability charts should not drop customers that generate a negative customer operating income, because dropping an unprofitable customer may not cause overall income to increase.

Diff: 2

Objective: 2

AACSB: Analytical thinking

7) It is possible that the smallest customer in terms of revenue is the most profitable customer. Answer: TRUE

Diff: 2

Objective: 2

AACSB: Analytical thinking

8) With the use of a bar chart, the number of "unprofitable" customers and the magnitude of their losses are apparent.

Answer: TRUE

Diff: 2

Objective: 2

AACSB: Analytical thinking

9) The chart used to express customer profitability is called the whale curve because it is

backward-bending at the point where customers start to become unprofitable and thus resembles a humpback.

Answer: TRUE

Diff: 2

Objective: 2

AACSB: Analytical thinking

10) Bar charts and a whale curve are some of the common ways of displaying the results of

customer-profitability analysis.

Answer: TRUE

Diff: 1

Objective: 2

AACSB: Analytical thinking

11) Why would a manager perform customer-profitability analysis?

Answer: Customer profitability analysis highlights how individual customers contribute to profitability. It helps managers determine whether customers who are contributing significantly to profits are receiving a comparable level of attention from the organization.

Diff: 2

12) What actions might be taken with an unprofitable customer?

Answer: An unprofitable customer might be dropped as a customer, might be charged more for some of the resources of the company that it is using in excess of other customers, or he/she might be counseled on how to use less resources and be restored to profitability in the future.

Diff: 2

Objective: 2

AACSB: Analytical thinking

Objective 14.3

1) Allocation of corporate-sustaining costs is useful for ________.

A) evaluating the performance of salespersons with individual customer accounts

B) motivating distribution-channel management

C) focusing on the cause-and-effect relationships with the cost-allocation bases

D) motivating division managers to examine how corporate costs are planned and controlled

Answer: D

Diff: 3

Objective: 3

AACSB: Analytical thinking

2) Salary of top management and general-administration costs is an example of ________.

A) customer output unit-level costs

B) customer batch-level costs

C) distribution-channel costs

D) corporate-sustaining costs

Answer: D

Diff: 1

Objective: 3

AACSB: Analytical thinking

3) Which of the following is an example of division-sustaining costs?

A) research and development cost

B) corporate administration costs

C) corporate brand advertising

D) shipment costs

Answer: A

Diff: 2

Objective: 3

AACSB: Analytical thinking

4) For companies in which full allocation is not followed, corporate sustaining costs are ________.

A) allocated to divisions using cause-and-effect relationship

B) allocated to customers using cause-and-effect relationship

C) added to aggregate operating incomes of the divisions

D) subtracted as a lump-sum amount after aggregating operating incomes of the divisions

Answer: D

Diff: 3

5) If deciding whether to eliminate a distribution channel, allocating corporate-sustaining costs to distribution channels ________.

A) helps define cost reduction possibilities

B) gives the misleading impression of potential cost savings

C) identifies administrative inefficiencies

D) evaluates the effectiveness of sales personnel

Answer: B

Diff: 3

Objective: 3

AACSB: Analytical thinking

6) When corporate-sustaining costs are fully allocated to distribution channels, then the sum of the distribution-channel operating incomes is ________.

A) greater than companywide operating income

B) equal to companywide operating income

C) equal to customer-level operating income

D) greater than customer-level operating income

Answer: B

Diff: 3

Objective: 3

AACSB: Analytical thinking

7) Corporate-sustaining costs should be allocated to ________.

A) motivate changes in customer behavior

B) evaluate distribution-channel managers

C) determine the selling price that will cover all costs

D) find the cause-and-effect relationship

Answer: C

Diff: 3

Objective: 3

AACSB: Analytical thinking

8) Which of the following is a corporate-sustaining cost?

A) design costs

B) corporate brand advertising

C) shipment costs

D) research and development costs

Answer: B

Diff: 3

Objective: 3

AACSB: Analytical thinking

9) There is a direct cause-and effect relationship between division-sustaining costs and customer or sales manager's actions.

Answer: FALSE

Explanation: There is no direct cause-and effect relationship between division-sustaining costs and customer or sales manager's actions.

Diff: 2

Objective: 3

AACSB: Analytical thinking

10) Why do managers prepare cost-hierarchy-based operating incomes statements?

Answer: Cost-hierarchy-based operating income statements allocate only those costs that will be affected by actions at a particular hierarchical level. For example, costs such as sales-order costs and shipment costs are allocated to customers because customer actions can affect these costs, but costs of managing the wholesale channel are not allocated to customers because changes in customer

behavior will have no effect on these costs.

Diff: 2

Objective: 3

AACSB: Analytical thinking

Objective 14.4

1) When the purpose of cost allocation is to provide information for economic decisions or to motivate managers and employees, the best criteria are ________.

A) the cause-and-effect and the ability-to bear criteria

B) the cause-and-effect and the benefits-received criteria

C) the benefits-received and the fairness criteria

D) the fairness and the ability-to-bear criteria

Answer: B

Diff: 2

Objective: 4

AACSB: Analytical thinking

2) To guide cost allocation decisions, the cause-and-effect criterion ________.

A) is used less frequently than the other criteria

B) is the primary criterion used in activity-based costing

C) considers fairness as a matter of judgment rather than an operational criterion

D) advocates allocating costs in proportion to the cost object's ability to bear costs allocated to it Answer: B

Diff: 2

Objective: 4

AACSB: Analytical thinking

A) generally uses the cost driver as the cost allocation base

B) advocates allocating costs in proportion to the cost object's ability to bear costs allocated to it

C) is the primarily used criterion in activity-based costing

D) may use an allocation base of division revenues to allocate advertising costs

Answer: D

Diff: 3

Objective: 4

AACSB: Analytical thinking

4) ABC systems use the concept of a ________ to identify the cost drivers that best demonstrate the cause-and-effect relationship between each activity and the costs in the related cost pool.

A) cost hierarchy

B) customer -cost analysis

C) cost allocation

D) variance analysis

Answer: A

Diff: 1

Objective: 4

AACSB: Analytical thinking

5) Corporate-sustaining costs ________.

A) are common to all individual customers

B) have a clear cause-and-effect relationship with several cost-allocation bases

C) should be allocated for decisions regarding reducing customer costs

D) evaluates the effectiveness of sales personnel

Answer: A

Diff: 3

Objective: 4

AACSB: Analytical thinking

6) A customer cost hierarchy categorizes costs related to customers into different cost pools on the basis of different ________.

A) contribution-margin ratios of products

B) distribution-channel costs

C) levels of cause-and-effect relationships

D) division-sustaining costs

Answer: C

Diff: 2

Objective: 4

AACSB: Analytical thinking

A) considers reasonableness as a matter of judgment rather than an operational criterion

B) allocates cost among the beneficiaries in proportion to the benefits each receives

C) is used more frequently than any other criteria

D) is the primary criterion used in activity-based costing

Answer: A

Diff: 2

Objective: 4

AACSB: Analytical thinking

8) To guide cost allocation decisions, the ability to bear criterion ________.

A) is the primary criterion used in activity-based costing

B) allocates cost among the beneficiaries in proportion to the benefits each receives.

C) results in subsidizing products that are not profitable

D) is used more frequently than any other criteria

Answer: C

Diff: 2

Objective: 4

AACSB: Analytical thinking

9) Which of the following criteria has the presumption that the more-profitable divisions have a greater ability to absorb corporate administration costs?

A) the fairness or equity criterion

B) the ability to bear criterion

C) the cause-and-effect criterion

D) the benefits-received criterion

Answer: B

Diff: 2

Objective: 4

AACSB: Analytical thinking

10) Which cost-allocation criterion is most likely to subsidize poor performers at the expense of the best performers?

A) the fairness or equity criterion

B) the benefits-received criterion

C) the ability to bear criterion

D) the cause-and-effect criterion

Answer: C

Diff: 2

Objective: 4

AACSB: Analytical thinking

11) A challenge to using cost-benefit criteria for allocating costs is that ________.

A) the costs of designing and implementing complex cost allocations are not readily apparent

B) the benefits of making better-informed pricing decisions are difficult to measure

C) cost systems are being simplified and fewer multiple cost-allocation bases are being used

D) the costs of collecting and processing information keep spiraling upward

Answer: B

Diff: 3

Objective: 4

AACSB: Analytical thinking

12) Today, companies are simplifying their cost systems and moving toward less-detailed and

less-complex cost allocation bases.

Answer: FALSE

Explanation: Companies are moving toward more-detailed and more-complex cost allocations because today technology can capture these costs in a relatively inexpensive manner.

Diff: 2

Objective: 4

AACSB: Analytical thinking

13) Using the fairness criterion, the costs are allocated among the beneficiaries in proportion to the benefits each receives.

Answer: FALSE

Explanation: Using the benefits received criterion, the costs are allocated among the beneficiaries in proportion to the benefits each receives.

Diff: 2

Objective: 4

AACSB: Analytical thinking

14) Under the cause and effect criterion, reasonableness is a matter of judgment rather than an operational

criterion.

Answer: FALSE

Explanation: Under the fairness or equity criterion, reasonableness is a matter of judgment rather than an operational criterion.

Diff: 2

Objective: 4

AACSB: Analytical thinking

15) When using the cause-and-effect criterion, cost drivers are selected as the cost allocation bases. Answer: TRUE

Diff: 1

Objective: 4

AACSB: Analytical thinking

16) The ability-to-bear criterion is considered superior when the purpose of cost allocation is motivation. Answer: FALSE

Explanation: The cause-and-effect or benefits-received criteria is considered superior when the purpose of cost allocation is motivation.

Diff: 2

Objective: 4

AACSB: Analytical thinking

17) The benefits of implementing a more-complex cost allocation system are relatively easy to quantify for application of the cost-benefit approach.

Answer: FALSE

Explanation: The benefits of implementing a more-complex cost allocation system are difficult to measure.

Diff: 2

Objective: 4

AACSB: Analytical thinking

18) Briefly describe the four criteria used to guide cost-allocation decisions.

Answer:

1. Cause and effect - managers identify the variables that cause resources to be consumed.

2. Benefits received - managers identify the beneficiaries of the outputs of the cost object.

3. Fairness or equity - establishing a selling price that is deemed fair by contracting parties.

4. Ability to bear - advocates allocating costs in proportion to the cost object's ability to bear costs allocated to it.

Diff: 1

Objective: 4

AACSB: Analytical thinking

Objective 14.5

1) Costs in the cost pool having the same or a similar cause-and-effect or benefits-receiving relationship with the cost-allocation base can be achieved in adopting ________.

A) indirect cost pools

B) homogeneous cost pools

C) hetrogeneous cost pools

D) direct cost pools

Answer: B

Diff: 3

Objective: 5

AACSB: Application of knowledge

2) While allocating corporate costs to divisions ________.

A) only fixed costs should be allocated

B) no homogeneous cost pools should be constructed

C) all the costs in the cost pool should not have the same or a similar cause-and-effect or benefits-received relationship with the cost-allocation base

D) allocate both variable and fixed costs to divisions and then to customers

Answer: D

Diff: 3

Objective: 5

AACSB: Analytical thinking

Animer Inc. provides the following information.

Corporate advertising costs = $800,000

Division A – $4,500,000

Division B – $7,500,000

Assume that customers with higher revenues benefited more from corporate advertising costs than customers with lower revenues.

3) What is the allocated corporate costs for Division A?

A) $500,000

B) $600,000

C) $300,000

D) $200,000

Answer: C

Explanation: C) Allocated corporate cost for Division A = $4,500,000 / ($4,500,000 + $7,500,000) × $800,000 = $300,000

Diff: 2

Objective: 5

AACSB: Application of knowledge

4) What is the allocated corporate costs for Division B?

A) $700,000

B) $200,000

C) $500,000

D) $300,000

Answer: C

Explanation: C) Allocated corporate cost for Division B = $7,500,000 / ($4,500,000 + $7,500,000) × $800,000 = $500,000

Diff: 2

Objective: 5

AACSB: Application of knowledge

5) NOT allocating some corporate costs to divisions and products results in ________.

A) an increase in overall corporate profitability

B) the sum of individual product profitability being less than overall company profitability

C) the sum of individual product profitability being greater than overall company profitability

D) a decrease in overall corporate profitability

Answer: C

Diff: 3

Objective: 5

AACSB: Analytical thinking

6) When the cost pools are homogeneous ________.

A) the number of needed cost pools will be more

B) the costs in the cost pool have a similar cause-and-effect or benefits-received relationship with the cost-allocation base

C) managers should not allocate both variable costs and costs that are fixed in the short-run

D) there will be a greater variety of cause-and-effect, benefits-received, or fair-and-equitable relationship with the cost-allocation base

Answer: B

Diff: 2

Objective: 5

AACSB: Analytical thinking

7) When individual activities within a cost pool have a similar relationship with the cost driver, the cost pool ________.

A) is not considered for customer-profitability analysis

B) need multiple cost drivers

C) is considered a homogeneous cost pool

D) is considered an allocated cost pool

Answer: C

Diff: 2

Objective: 5

AACSB: Analytical thinking

《投资学》练习题及答案

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最新期末复习投资学计算题精选附答案

投资学 计算题部分 CAPM模型 1、某股票的市场价格为50元,期望收益率为14%,无风险收益率为6%,市场 , 的资产组合的期望收益率是 3 0.5,投 15%,市场上A、 ;B、C、D股票的必

①采用资本资产定价模型计算A 股票的必要收益率。 ②计算B 股票价值,为拟投资该股票的投资者做出是否投资的决策,并说明理由。假定B 股票当前每股市价为15元,最近一期发放的每股股利为2.2元,预计年股利增长率为4%。 ③计算A 、B 、C 投资组合的β系数和必要收益率。假定投资者购买A 、B 、C 三种股票的比例为1:3:6。 ④已知按3:5:2的比例购买A 、B 、D 三种股票,所形成的A 、B 、D 投资组合的β系数为0.96,该组合的必要收益率为14.6%;如果不考虑风险大小,请在A 、B 、C 和A 、B 、D 两种投资组合中做出投资决策,并说明理由。 ①A 股票必要收益率=5%+0.91×(15%-5%)=14.1% ②B 股票价值=2.2×(1+4%)/(16.7%-4%)=18.02(元) 因为股票的价值18.02高于股票的市价15,所以可以投资B 股票。 ③投资组合中A 股票的投资比例=1/(1+3+6)=10% 投资组合中B 股票的投资比例=3/(1+3+6)=30% 投资组合中C 股票的投资比例=6/(1+3+6)=60% 投资组合的β系数= 0.91×10%+1.17×30%+1.8×60%=1.52 投资组合的必要收益率=5%+1.52×(15%-5%)=20.2% ④本题中资本资产定价模型成立,所以预期收益率等于按照资本资产定价模型计算的必要收益率,即A 、B 、C 投资组合的预期收益率大于A 、B 、D 投资组合的预期收益率,所以如果不考虑风险大小,应选择A 、B 、C 投资组合。 4、某公司2000年按面值购进国库券50万元,票面年利率为8%,三年期。购进后一年,市场利率上升到9%,则该公司购进该债券一年后的损失是多少? 国库券到期值=50×(1+3×8%)=62(万元) 一年后的本利和=50×(1+8%)=54(万元) 损失=54-52.18=1.82(万元) 5.假设某投资者选择了A 、B 两个公司的股票构造其证券投资组合,两者各占投资总额的一半。已知A 股票的期望收益率为24%,方差为16%,B 股票的期望收益为12%,方差为9%。请计算当A 、B 两只股票的相关系数各为:(1)1=AB ρ;

投资学复习题及答案

投资学 题型;一、选择题6分二、计算题78分三、论述题16分(主要是有效市场假说) 1.假设某一中期国债每12个月的收益率是6%,且该国债恰好还剩12个月到期。那么你预期一张12个月的短期国库券的售价将是多少? 解:P=面值/(1+6%) 2.某投资者的税率等级为20%,若公司债券的收益率为9%,要想使投资者偏好市政债券,市政债券应提供的收益率最低为多少? 解:9%×(1-20%)=7.2% 3.下列各项中哪种证券的售价将会更高? a.利率9%的10年期长期国债和利率为10%的10年期长期国债。 b. 期限3个月执行价格为50美元的看涨期权和期限3个月执行价格为45美元的看涨期权。 c. 期限3个月执行价格为40美元的看跌期权和期限3个月执行价格为35美元的看跌期权。 解:a.利率为10%的10年期长期国债 b.3个月执行价格为45美元的看涨期权 c.期限3个月执行价格为40美元的看跌期权 4.若预期股市将会大幅度上涨,股票指数期权市场上的下列哪项交易的风险最大? a.出售一份看涨期权 b出售一份看跌期权

c购买一份看涨期权 d购买一份看跌期权 解:a.出售一份看涨期权 5.短期市政债券的收益率为4%,应税债券的收益率为6%,当你的税率等级分别为下列情况时,哪一种债券可以提供更高的税后收益率? a.0 b.10% c.20% d.30% 解:当短期市政债券收益率与应税债券收益率税后收益率相等时,设税率为X,则: 6%(1-X)=4%,解得:X=33.3% 由于0、10%、20%、30%都小于33.3% 所以在0、10%、20%、30%的税率时,应税债券可以提供更高的税后收益率。 6.免税债券的利率为6.4%,应税债券的利率为8%,两种债券均按面值出售,当投资者的税率等级为多少时投资两种债券是无差别的? 解:设税率等级为X,则: 8%(1-X)=6.4%,解得X=20% 7.假设你卖空100股IBM的股票,其当前价格为每股110美元。 a.你可能遭受的最大损失是多少? b. 假如卖空时你同时设置了128美元的止购指令,你的最大损失又将是多少? 解:a.无限大

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《投资学》试题及答案 题型;一、选择题6分二、计算题78分三、论述题16分(主要是有效市场假说) 1.假设某一中期国债每12个月的收益率是6%,且该国债恰好还剩12个月到期。那么你预期一张12个月的短期国库券的售价将是多少?解:P=面值/(1+6%) 2.某投资者的税率等级为20%,若公司债券的收益率为9%,要想使投资者偏好市政债券,市政债券应提供的收益率最低为多少? 解:9%×(1-20%)=7.2% 3.下列各项中哪种证券的售价将会更高? a.利率9%的10年期长期国债和利率为10%的10年期长期国债。b. 期限3个月执行价格为50美元的看涨期权和期限3个月执行价格为45美元的看涨期权。 c. 期限3个月执行价格为40美元的看跌期权和期限3个月执行价格为35美元的看跌期权。 解:a.利率为10%的10年期长期国债 b.3个月执行价格为45美元的看涨期权 c.期限3个月执行价格为40美元的看跌期权 4.若预期股市将会大幅度上涨,股票指数期权市场上的下列哪项交易的风险最大? a.出售一份看涨期权 b出售一份看跌期权 c购买一份看涨期权 d购买一份看跌期权

解:a.出售一份看涨期权 5.短期市政债券的收益率为4%,应税债券的收益率为6%,当你的税率等级分别为下列情况时,哪一种债券可以提供更高的税后收益率? a.0 b.10% c.20% d.30% 解:当短期市政债券收益率与应税债券收益率税后收益率相等时,设税率为X,则: 6%(1-X)=4%,解得:X=33.3% 由于0、10%、20%、30%都小于33.3% 所以在0、10%、20%、30%的税率时,应税债券可以提供更高的税后收益率。 6.免税债券的利率为6.4%,应税债券的利率为8%,两种债券均按面值出售,当投资者的税率等级为多少时投资两种债券是无差别的? 解:设税率等级为X,则: 8%(1-X)=6.4%,解得X=20% 7.假设你卖空100股IBM的股票,其当前价格为每股110美元。a.你可能遭受的最大损失是多少? b. 假如卖空时你同时设置了128美元的止购指令,你的最大损失又将是多少? 解:a.无限大 b.(128-110)×100=1800美元 8.市场委托指令具有(a) a.价格的不确定性,执行的确定性

投资学练习题及答案 (2)

作业1资产组合理论&CAPM 一、基本概念 1、资本资产定价模型的前提假设就是什么? 2、什么就是资本配置线?其斜率就是多少? 3、存在无风险资产的情况下,n种资产的组合的可行集就是怎样的?(画图说明);什么就是有效边界?风险厌恶的投资者如何选择最有效的资产组合?(画图说明) 4、什么就是分离定理? 5、什么就是市场组合? 6、什么就是资本市场线?写出资本市场线的方程。 7、什么就是证券市场线?写出资本资产定价公式。 8、β的含义 二、单选 1、根据CAPM,一个充分分散化的资产组合的收益率与哪个因素相关( A )。 A、市场风险 B.非系统风险C、个别风险D、再投资风险 2、在资本资产定价模型中,风险的测度就是通过( B)进行的。 A.个别风险 B.贝塔系数 C.收益的标准差D、收益的方差 3、市场组合的贝塔系数为(B)。 A、0 B、1 C、-1 D、0.5 4、无风险收益率与市场期望收益率分别就是0、06与0、12。根据CAPM模型,贝塔值为1.2的证券X的期望收益率为( D)。 A.0、06B、0、144 C、0.12美元D、0.132 5、对于市场投资组合,下列哪种说法不正确( D) A.它包括所有证券 B、它在有效边界上 C.市场投资组合中所有证券所占比重与它们的市值成正比 D、它就是资本市场线与无差异曲线的切点 6、关于资本市场线,哪种说法不正确(C) A、资本市场线通过无风险利率与市场资产组合两个点 B、资本市场线就是可达到的最好的市场配置线 C、资本市场线也叫证券市场线 D.资本市场线斜率总为正 7、证券市场线就是( D)。 A、充分分散化的资产组合,描述期望收益与贝塔的关系

投资学练习题及答案汇总

投资学练习题及答案汇总

作业1资产组合理论&CAPM 一、基本概念 1、资本资产定价模型的前提假设是什么? 2、什么是资本配置线?其斜率是多少? 3、存在无风险资产的情况下,n种资产的组合的可行集是怎样的?(画图说明);什么是有效边界?风险厌恶的投资者如何选择最有效的资产组合?(画图说明) 4、什么是分离定理? 5、什么是市场组合? 6、什么是资本市场线?写出资本市场线的方程。 7、什么是证券市场线?写出资本资产定价公式。 8、β的含义 二、单选 1、根据CAPM,一个充分分散化的资产组合的收益率和哪个因素相关(A )。 A.市场风险B.非系统风险C.个别风险D.再投资风险 2、在资本资产定价模型中,风险的测度是通过(B)进行的。 A.个别风险B.贝塔系数C.收益的标准差D.收益的方差 3、市场组合的贝塔系数为(B)。 A、0 B、1 C、-1 D、0.5 4、无风险收益率和市场期望收益率分别是0.06和0.12。根据CAPM模型,贝塔值为1.2的证券X的期望收益率为(D)。 A.0.06 B.0.144 C.0.12美元D.0.132 5、对于市场投资组合,下列哪种说法不正确(D) A.它包括所有证券 B.它在有效边界上 C.市场投资组合中所有证券所占比重与它们的市值成正比 D.它是资本市场线和无差异曲线的切点 6、关于资本市场线,哪种说法不正确(C) A.资本市场线通过无风险利率和市场资产组合两个点 B.资本市场线是可达到的最好的市场配置线 C.资本市场线也叫证券市场线 D.资本市场线斜率总为正 7、证券市场线是(D)。

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投资学复习要点 投资学的考试,都要尽可能给出图表、公式,比如简答题和论述题,如果你仅仅是文字描述,最多得一半的分,这个答题的规则和惯例要切记。 一、概念题 1.风险与收益的最优匹配 即是在一定风险下追求更高的收益;或是在一定收益下追求更低的风险。对风险与收益的量化以及对投资者风险偏好的分类,是构建资产组合时首先要解决的一个基础问题。 2.优先股特点 1、优先股通常预先定明股息收益率。 2、优先股的权利范围小。 3、如果公司股东大会需要讨论与优先股有关的索偿权,即优先股的索偿权先于普通股,而次于债权人。 3.资本市场的无差异曲线 对于一个特定风险厌恶的投资者而言,任意给定一个资产组合,根据他对风险的态度,按照期望收益率对风险补偿的要求,就可以得到一系列满意程度相同(无差异)的证券组合。

4.资本市场的无差异曲线 5.风险溢价 风险溢价是指超过无风险资产收益的预期收益,这一溢价为投资的风险提供了补偿。其中的无风险资产,是指其收益确定,从而方差为零的资产。一般以货币市场基金或者短期国债作为无风险资产的代表品。 6.风险资产的可行集(Feasible Set ) 可行集又称为机会集,由它可以确定有效集。可行集代表一组证券所形成的所有组合,也就是说,所有可能的组合位于可行集的边界上或内部。一般而言,这一集合呈现伞形,具体形状依赖于所包含的特定证券,它可能更左或更右、更高或更低、更胖或更瘦。 7.资本配置线 对于任意一个由无风险资产和风险资产所构成的组合,其相应的预期收益率和标准差都落在连接无风险资产和风险资产的直线上。该线被称作资本配置线(capital allocation line,CAL)。E(rc)=rf+ [E(rp)-rf]

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