Purchase Solution

Cost Accounting

Not what you're looking for?

Ask Custom Question

40) In most cases, prices are set by the
A. competitive market
B. customers
C. selling company
D. largest competitor

41) Prices are set by the competitive market when
A. there are no other producers capable of manufacturing a similar item
B. the product is specially made for a customer
C. a product is not easily distinguished from competing products
D. a company can effectively differentiate its product from others

42) A company must price its product to cover its costs and earn a reasonable profit in
A. its early years
B. all cases
C. the short run
D. the long run

Purchase this Solution
Solution Summary

The solution goes into a great amount of detail regarding the question being asked. Step by step explanation is provided for each part of the question which makes it very easy to follow along for anyone with just a basic understanding of the concepts. Overall, an excellent response to the question being asked.

Solution Preview

40) C is the right answer. However, it really depends on the situation. In perfect competition prices are set ...

Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

View More Free Quizzes
Related BrainMass Solutions

  • Relevance of Cost Accounting

    532384 Relevance of Cost Accounting Discuss the relevance of cost accounting as it relates to the accounting profession in general. Relate to something you learned while working toward your accounting profession.

  • Cost accounting vs financial accounting

    534822 Cost accounting vs financial accounting The General Manager of a company has decided to employ a cost accountant.

  • Cost vs Financial Accounting

    When is cost accounting valuable to an organization? Does cost accounting differ from financial accounting? If so, how? When is cost accounting valuable to an organization? Where is cost accounting information stored and maintained?

  • Cost Accounting and Applications

    270781 Cost Accounting and Applications What is cost accounting and how do we best use it? Question What is cost Accounting and how do we best use it?

  • Cost Accounting and Other Types of Accounting

    519520 Cost Accounting and Other Types of Accounting Discuss how cost accounting differs from other types of accounting. Provide specific examples to support your response.

  • Managerial versus Financial Accounting

    Although often associated with manufacturing or process costing, cost accounting can be used in most any business. The real benefits of cost accounting are cost savings.

  • cost accounting value to an organization

    104578 cost accounting value to an organization 1. Does cost accounting differ from financial accounting? If so, how? When is cost accounting valuable to an organization? Where is cost accounting information stored and maintained? 2.

  • An Explanation of Cost Accounting

    198743 An Explanation of Cost Accounting Please address the following question: Explain the characteristics and purposes of cost accounting?

  • Ethical standards exist in accounting

    62911 Ethical standards that exist in accounting Why do ethical standards exist in accounting? What role does the cost principle play in Accounting? I just need a better understanding and a 2nd opinion on this matter.

  • Cost Accounting: Benefits

    Cost accounting: a managerial emphasis. Pearson Higher Education AU, 2013. 2. DRURY, COLIN M. Management and cost accounting. Springer, 2013. The answer to this problem explains the benefits and gains from the cost accounting course.

View More Related Solutions