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Multiple Choice Question 109 Which of the following statements is false? ABC can weaken control over...
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is...
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is comprised of all manufacturing costs that cannot be directly traced to a product or service The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost pools. These costs are allocated because the products could be made without them. The costs are debited to a work-in-process account.
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. The Manufacturing Overhead Budget is prepared after the Sales Budget. The basic idea underlying responsibility accounting is that a manager should be...
Which of the following statements is false? Multiple Choice o A cost can be defined as...
Which of the following statements is false? Multiple Choice o A cost can be defined as a direct cost of the bookkeeping system can keep track of how much of the cost was consumed by the cost object c ) Whether a cost is direct or indirect cannot be determined until the cost object has been defined o o the cost object is a batch of 1000 units of production, then factory property taxes could be a direct cost of...
Which of the following statements is false? Multiple Choice In general, research & development costs should be expe...
Which of the following statements is false? Multiple Choice In general, research & development costs should be expensed as incurred until the point in time that commercial production will start. When expenditures are made after a capital asset has been acquired and put into use, those costs should be capitalized if the asset useful life is extended Companies may opt to value their financial liabilities such as bonds payable at their current fair value on the balance sheet. None of...
Which of the following statements is true of activity-based costing?
Which of the following statements is true of activity-based costing?Multiple ChoiceABC ignores the allocation of marketing costs.ABC classifies some indirect costs as direct costs. products.ABC is more likely to result in big differences from a traditional costing system if the business makes only one product rather than multiple products.Activities are the cost objects of the second stage of ABC.Production costs per tennis racket total $ 38, which consists of $ 25 in variable production costs and $ 13 in fixed...
Which of the following is a false statement regarding cost information and ethical responsibilities? Multiple Choice...
Which of the following is a false statement regarding cost information and ethical responsibilities? Multiple Choice Compliance with Sarbanes-Oxley guarantees that a manager has met all of his or her ethical responsibilities. Sarbanes-Oxley is important for managers who design cost information systems. Managers must be aware of the potential that cost information could be misleading or support fraudulent activity. Managers need to understand that performance measurement and compensation systems can lead to unethical conduct.
True of False
Following is a list of statements. Identify each statement as true or false.1.A product’s cost can be estimated most accurately when this cost can be traced directly to the product produced or the service provided.select an option TrueFalse2.Overhead costs are the easiest costs to determine because they can be traced easily to the product.select an option ...
accounting multiple choice Which of the following best describes the advantages of using a predetermined overhead...
accounting multiple choice
Which of the following best describes the advantages of using a predetermined overhead rate? Select one or more: a. Both (a) and (C) above. b. Overhead costs are applied evenly throughout the year rather than fluctuating from month to month. c. Predetermined rates require managers to wait until long after the accounting period to get an estimate of product costs. d. Total unit costs of production are known sooner than using actual overhead rates, and overhead costs...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
Which of the following statements about the prevalence of eating disorders is FALSE? Multiple Choice Statistically,...
Which of the following statements about the prevalence of eating disorders is FALSE? Multiple Choice Statistically, the number of men and women suffering from eating disorders is about the same. Eating disorders are mainly found in Western developed countries. O The frequency of eating disorders in a society appears directly related to rates of dieting. O Eating disorders are more prevalent where food is abundant. O
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is comprised of all manufacturing costs that cannot be directly traced to a product or service The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost pools. These costs are allocated because the products could be made without them. The costs are debited to a work-in-process account.
Which of the following statements is false? Multiple Choice o A cost can be defined as a direct cost of the bookkeeping system can keep track of how much of the cost was consumed by the cost object c ) Whether a cost is direct or indirect cannot be determined until the cost object has been defined o o the cost object is a batch of 1000 units of production, then factory property taxes could be a direct cost of...
Which of the following statements is false? Multiple Choice In general, research & development costs should be expensed as incurred until the point in time that commercial production will start. When expenditures are made after a capital asset has been acquired and put into use, those costs should be capitalized if the asset useful life is extended Companies may opt to value their financial liabilities such as bonds payable at their current fair value on the balance sheet. None of...
Which of the following statements is true of activity-based costing?Multiple ChoiceABC ignores the allocation of marketing costs.ABC classifies some indirect costs as direct costs. products.ABC is more likely to result in big differences from a traditional costing system if the business makes only one product rather than multiple products.Activities are the cost objects of the second stage of ABC.Production costs per tennis racket total $ 38, which consists of $ 25 in variable production costs and $ 13 in fixed...
Which of the following is a false statement regarding cost information and ethical responsibilities? Multiple Choice Compliance with Sarbanes-Oxley guarantees that a manager has met all of his or her ethical responsibilities. Sarbanes-Oxley is important for managers who design cost information systems. Managers must be aware of the potential that cost information could be misleading or support fraudulent activity. Managers need to understand that performance measurement and compensation systems can lead to unethical conduct.
accounting multiple choice
Which of the following best describes the advantages of using a predetermined overhead rate? Select one or more: a. Both (a) and (C) above. b. Overhead costs are applied evenly throughout the year rather than fluctuating from month to month. c. Predetermined rates require managers to wait until long after the accounting period to get an estimate of product costs. d. Total unit costs of production are known sooner than using actual overhead rates, and overhead costs...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
Which of the following statements about the prevalence of eating disorders is FALSE? Multiple Choice Statistically, the number of men and women suffering from eating disorders is about the same. Eating disorders are mainly found in Western developed countries. O The frequency of eating disorders in a society appears directly related to rates of dieting. O Eating disorders are more prevalent where food is abundant. O
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