Homework Answers
The answer is It is comprised of all manufacturing costs that cannot be directly traced to a product or service. Manufacturing costs are allocated product cost. Hence, the statement is not correct.
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Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is...
Saved TB MC Qu. 04-80 Overhead costs: Overhead costs: Multiple Choice Ο Are directly related to...
Saved TB MC Qu. 04-80 Overhead costs: Overhead costs: Multiple Choice Ο Are directly related to production. Ο Can be traced to units of product in the same way that direct materials can Ο Cannot be traced to units of product in the same way that direct labor can. Ο Are period costs. Ο Include only fixed costs. Next
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
Manufacturing costs are costs that related to the manufacture your products but CANNOT be traced directly...
Manufacturing costs are costs that related to the manufacture your products but CANNOT be traced directly to the unit product. As I always said, it included all the costs that related to the factory that incurred in producing the products. Eventhough manufacturing overhead cannot be traced directly to the unit product, why it is still important to be included in the total production cost? Please share your idea here.
When multiple production department rates are used to apply overhead to products, overhead costs are a....
When multiple production department rates are used to apply overhead to products, overhead costs are a. combined with all other support department costs using a single rate and then allocated to products with multiple rates. b. first directly traced or distributed to the products using multiple rates. C. expensed as period costs and direct labor and direct materials are traced to the products using multiple production department rates. Od. first directly traced or distributed to support and production departments and...
Multiple Choice Question 109 Which of the following statements is false? ABC can weaken control over...
Multiple Choice Question 109 Which of the following statements is false? ABC can weaken control over overhead costs. ABC allows some indirect costs to be identified as direct costs. Managers become more aware of their responsibility to control the activities that generate costs. Under ABC, companies can trace many overhead costs directly to activities.
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 statement regarding the Manufacturing Overhead Cost is incorrect? 12 Multiple Choice 00:30:21 It consists of...
Which statement regarding the Manufacturing Overhead Cost is incorrect? 12 Multiple Choice 00:30:21 It consists of both fixed and variable costs It consists of only manufacturing costs. It is a direct cost to the products produced by a manufacturing company it includes Indirect materials and indirect labor costs Heat, water, and power consumed in the factory are examples of the manufacturing overhead cost.
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.
Help Which of the following statements is correct? Multiple Choice Activity based management seeks to eliminate...
Help Which of the following statements is correct? Multiple Choice Activity based management seeks to eliminate waste by allocating costs to products that waste resources Activity based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor hours In activity-based costing a separate activity rate se predetermined overhead rate) is computed for each activity cost pool by dividing the estimated overhead cost in the activity...
Saved TB MC Qu. 04-80 Overhead costs: Overhead costs: Multiple Choice Ο Are directly related to production. Ο Can be traced to units of product in the same way that direct materials can Ο Cannot be traced to units of product in the same way that direct labor can. Ο Are period costs. Ο Include only fixed costs. Next
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
When multiple production department rates are used to apply overhead to products, overhead costs are a. combined with all other support department costs using a single rate and then allocated to products with multiple rates. b. first directly traced or distributed to the products using multiple rates. C. expensed as period costs and direct labor and direct materials are traced to the products using multiple production department rates. Od. first directly traced or distributed to support and production departments and...
Multiple Choice Question 109 Which of the following statements is false? ABC can weaken control over overhead costs. ABC allows some indirect costs to be identified as direct costs. Managers become more aware of their responsibility to control the activities that generate costs. Under ABC, companies can trace many overhead costs directly to activities.
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 statement regarding the Manufacturing Overhead Cost is incorrect? 12 Multiple Choice 00:30:21 It consists of both fixed and variable costs It consists of only manufacturing costs. It is a direct cost to the products produced by a manufacturing company it includes Indirect materials and indirect labor costs Heat, water, and power consumed in the factory are examples of the manufacturing overhead cost.
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.
Help Which of the following statements is correct? Multiple Choice Activity based management seeks to eliminate waste by allocating costs to products that waste resources Activity based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor hours In activity-based costing a separate activity rate se predetermined overhead rate) is computed for each activity cost pool by dividing the estimated overhead cost in the activity...
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