Homework Answers
Solution: If the cost object is a batch of 1000 units of production, then factory property taxes could be a direct cost if the bookkeeping system is detailed enough
Explanation: The direct cost refers to a price that can be directly tied to the production of specific products or services. All costs related to a cost object would be assigned as direct costs or indirect costs. The property tax on factory will be indirect cost
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Which of the following statements is false? Multiple Choice o A cost can be defined as...
4. Which of the following sentences is FALSE (only one correct answer): O O O O...
4. Which of the following sentences is FALSE (only one correct answer): O O O O Full cost comprehends all the resources used for a determined cost object. The "traditional" allocation bases allocate the indirect costs apportioned to the use of direct resources, that means proportional to volume. Direct costs are attributable to a cost object in an objective way. The full cost of production comprehends the cost of raw materials, transformation costs ar a fair share of the period...
Select the incorrect statement from the following. Multiple Choice The difference between a direct cost and...
Select the incorrect statement from the following. Multiple Choice The difference between a direct cost and an indirect cost is that a direct cost relates to a given cost object while an indirect cost does not. Actual costs are useful for evaluating managerial performance. Actual costs are not relevant in many decisions because actual costs cannot be determined until after the decision has been made. When accumulating the cost of a specific cost object, the indirect costs are allocated to...
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 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.
Multiple choice Multiple-choice questions 60. A cost object cannot be: a a geographic region b. a...
Multiple choice
Multiple-choice questions 60. A cost object cannot be: a a geographic region b. a customer c. a department d. none of the above, i e. all can be cost objects LO 1 61. Which of the following is least likely to be a cost object for a car manufacturer a. Human Resources Department b. Assembly Division c. Gordon Lee - a part time employee in the cafeteria d. Charlie's Car Company- a long term customer LO I 62....
Anwser all multiple choice Multiple Choice (3 points each) 0 costs include all of the following event A wages of...
Anwser all multiple choice
Multiple Choice (3 points each) 0 costs include all of the following event A wages of production workers B. depreciation on factory equipment C. factory utilities D. direct materials purchased 10) Which of the following is not considered a product cost? A direct materials B. direct labor C. indirect materials D. selling expense 11) Fixed costs are expenses that A. vary in response to changes in activity level B. remain constant on a per-unit basis C....
Which of the following would not be considered a product cost? Multiple Choice Direct material costs....
Which of the following would not be considered a product cost? Multiple Choice Direct material costs. Factory supervisor's salary. Direct labor costs. Budget accountant's salary. Manufacturing overhead costs.
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.
The costs of customized products are accumulated by: Multiple Choice O Operation. O Pool. Unit. O...
The costs of customized products are accumulated by: Multiple Choice O Operation. O Pool. Unit. O Job. Process A process costing system would best fit the needs of a company that manufacturers: Multiple Choice О Houses. Airplanes. о O Food products. Motorcycles О Machinery A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice O Payroll Register O Job cost sheet Invoice. O Time ticket O Receiving report....
11. Which one of the following is an important feature of a job order cost system?...
11. Which one of the following is an important feature of a job order cost system? A) Each job must be completed before a new product order is accepted. order cost system B) Each job consists of features which distinguish it from the next. C) Each job uses similar processes to produce. D) Each job has characteristics similar to the next. 12. Into which one of the following accounts would the work of factory employees that can be physically and...
4. Which of the following sentences is FALSE (only one correct answer): O O O O Full cost comprehends all the resources used for a determined cost object. The "traditional" allocation bases allocate the indirect costs apportioned to the use of direct resources, that means proportional to volume. Direct costs are attributable to a cost object in an objective way. The full cost of production comprehends the cost of raw materials, transformation costs ar a fair share of the period...
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 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.
Multiple choice
Multiple-choice questions 60. A cost object cannot be: a a geographic region b. a customer c. a department d. none of the above, i e. all can be cost objects LO 1 61. Which of the following is least likely to be a cost object for a car manufacturer a. Human Resources Department b. Assembly Division c. Gordon Lee - a part time employee in the cafeteria d. Charlie's Car Company- a long term customer LO I 62....
Anwser all multiple choice
Multiple Choice (3 points each) 0 costs include all of the following event A wages of production workers B. depreciation on factory equipment C. factory utilities D. direct materials purchased 10) Which of the following is not considered a product cost? A direct materials B. direct labor C. indirect materials D. selling expense 11) Fixed costs are expenses that A. vary in response to changes in activity level B. remain constant on a per-unit basis C....
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.
The costs of customized products are accumulated by: Multiple Choice O Operation. O Pool. Unit. O Job. Process A process costing system would best fit the needs of a company that manufacturers: Multiple Choice О Houses. Airplanes. о O Food products. Motorcycles О Machinery A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice O Payroll Register O Job cost sheet Invoice. O Time ticket O Receiving report....
11. Which one of the following is an important feature of a job order cost system? A) Each job must be completed before a new product order is accepted. order cost system B) Each job consists of features which distinguish it from the next. C) Each job uses similar processes to produce. D) Each job has characteristics similar to the next. 12. Into which one of the following accounts would the work of factory employees that can be physically and...
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