Which of the following is a key feature of activity based costing? A. Overhead costs are...
Which of the following is a key feature of activity based costing?
A. Overhead costs are assigned on the basis of volume
B. Overhead costs are assigned on the basis of sales
C. Overhead costs are assigned on the basis of direct labor hours
D. Overhead costs are assigned on the basis of activities
Homework Answers
Answer : D) Overhead Cost are Assigned on the Basis of activities
The Main Features of the ABC costing Method is to consider Different Appropriate Cost basis to allocate the Overhead Cost. It is consider Different activities for allocation
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Which of the following is a key feature of activity based costing? A. Overhead costs are...
2. The more activities tracked by activity-based costing, the more accurately overhead costs are assigned True...
2. The more activities tracked by activity-based costing, the more accurately overhead costs are assigned True False 3. From an ABC perspective, what causes costs to be incurred? A. Financial transactions. B. The volume of units produced. C. Debits and credits. D. Management decisions E. Activities. 4. A method of assigning overhead costs to a product using a single overhead rate is: A. Plantwide overhead rate method. B. Cost pool overhead rate method. C. Departmental overhead rate method. D. Activity-based...
9. Which of the following statements is true? a. Activity-based costing uses a number of activity...
9. Which of the following statements is true? a. Activity-based costing uses a number of activity cost pools, each of which is allocated to products on the basis of direct labor-hours. b. Activity rates in activity-based costing are computed by dividing costs from the first stage allocations by the activity measure for each activity cost pool. C. An activity-based costing system is generally easier to implement and maintain than traditional costing system. d. One of the goals of activity-based costing...
Mastery Problem: Activity-Based Costing (Advanced) Activity-Based Costing Traditionally, Overhead cost: Sometimes referred to as "factory overhead,"...
Mastery Problem: Activity-Based Costing (Advanced) Activity-Based Costing Traditionally, Overhead cost: Sometimes referred to as "factory overhead," this is an indirect cost that is not directly tied to the production of units, yet nonetheless must be built into product cost in order to appropriately price it. Examples are managerial salaries, rent expense, setup costs, and property taxes.overhead costs are assigned based arbitrarily on the rate of either Direct labor: This is a labor cost directly associated with the production of goods...
Which of the following stages are a part of activity-based costing? Trace costs to activities Overhead...
Which of the following stages are a part of activity-based costing? Trace costs to activities Overhead costs are assigned to cost objects Trace costs to cost objects Overhead costs are assigned to a plant or department a.I and III b.I, II, and IV c.II and IV d.I, II, III, and IV
nts) 16. Eaton Company uses activity-based costing to allocate overhead costs to products. When figuring the...
nts) 16. Eaton Company uses activity-based costing to allocate overhead costs to products. When figuring the cost of ordering raw materials, which of the following is likely the best cost driver for this activity? a. Number of orders placed. b. Weight of the parts ordered. c. Square footage of the purchasing department area. d. Direct labor cost e. None of the answer choices is correct. e comfc future for safet materia local h e factor ta rela 17. Which of...
Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to...
Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools--Processing, Supervising, and Other. The costs in those activity cost pools appear below: Processing $ 4,625 Supervising $ 31,500 Other $ 10,900 Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activity data appear...
Which of the following is true of a unit-based costing system? a. It estimates the time...
Which of the following is true of a unit-based costing system? a. It estimates the time to perform one unit of activity. b. It assigns only manufacturing costs to products. c. It measures the demands that cost objects place on support activities. d. It offers greater product costing accuracy than an activity-based costing system. If unit-based product costing is used, which of the following would be traced directly to the product? a. inspection costs b. maintenance of machinery c. setup...
19) An activity based costing system uses which of the following procedures? a) Overhead costs are...
19) An activity based costing system uses which of the following procedures? a) Overhead costs are traced to departments, then costs are traced to products. b) Overhead costs are traced to activities, then costs are traced to products. c) Overhead costs are traced directly to products. d) All overhead costs are expenses as incurred. Answer: (2 points)
Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to...
Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools--Processing, Supervising, and Other. The costs in those activity cost pools appear below: Processing $ 4,320 Supervising $ 33,040 Other $ 10,800 Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activity data appear...
Walsh Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocate...
Walsh Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-Machining, Order Filling, and Other. The costs in those activity cost pools appear below Machining 15,800 Order Filling $ 6,400 S 9,800 Machining costs are assigned to products using machine-hours (MHs) and Order Filling costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity data...
2. The more activities tracked by activity-based costing, the more accurately overhead costs are assigned True False 3. From an ABC perspective, what causes costs to be incurred? A. Financial transactions. B. The volume of units produced. C. Debits and credits. D. Management decisions E. Activities. 4. A method of assigning overhead costs to a product using a single overhead rate is: A. Plantwide overhead rate method. B. Cost pool overhead rate method. C. Departmental overhead rate method. D. Activity-based...
9. Which of the following statements is true? a. Activity-based costing uses a number of activity cost pools, each of which is allocated to products on the basis of direct labor-hours. b. Activity rates in activity-based costing are computed by dividing costs from the first stage allocations by the activity measure for each activity cost pool. C. An activity-based costing system is generally easier to implement and maintain than traditional costing system. d. One of the goals of activity-based costing...
nts) 16. Eaton Company uses activity-based costing to allocate overhead costs to products. When figuring the cost of ordering raw materials, which of the following is likely the best cost driver for this activity? a. Number of orders placed. b. Weight of the parts ordered. c. Square footage of the purchasing department area. d. Direct labor cost e. None of the answer choices is correct. e comfc future for safet materia local h e factor ta rela 17. Which of...
Which of the following is true of a unit-based costing system? a. It estimates the time to perform one unit of activity. b. It assigns only manufacturing costs to products. c. It measures the demands that cost objects place on support activities. d. It offers greater product costing accuracy than an activity-based costing system. If unit-based product costing is used, which of the following would be traced directly to the product? a. inspection costs b. maintenance of machinery c. setup...
19) An activity based costing system uses which of the following procedures? a) Overhead costs are traced to departments, then costs are traced to products. b) Overhead costs are traced to activities, then costs are traced to products. c) Overhead costs are traced directly to products. d) All overhead costs are expenses as incurred. Answer: (2 points)
Walsh Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools-Machining, Order Filling, and Other. The costs in those activity cost pools appear below Machining 15,800 Order Filling $ 6,400 S 9,800 Machining costs are assigned to products using machine-hours (MHs) and Order Filling costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity data...
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