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
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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.
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Actual costs are useful for evaluating managerial performance.
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Actual costs are not relevant in many decisions because actual costs cannot be determined until after the decision has been made.
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When accumulating the cost of a specific cost object, the indirect costs are allocated to the cost object.
Homework Answers
The incorrect statement is:-
d) When accumulating the cost of a specific cost object, the indirect costs are allocated to the cost object.
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Select the incorrect statement from the following. Multiple Choice The difference between a direct cost and...
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...
Overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the...
Overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference between the actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit. The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
Regardless of the system used in departmental cost analysis: Multiple Choice Neither direct nor indirect costs...
Regardless of the system used in departmental cost analysis: Multiple Choice Neither direct nor indirect costs are allocated. Direct costs are allocated, indirect costs are not. Both direct and indirect costs are allocated. Total departmental costs will always be the same. Indirect costs are allocated, direct costs are not.
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
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....
1.) A standard cost system: Multiple Choice: (A) Cannot be used in conjunction with a job-cost...
1.) A standard cost system: Multiple Choice: (A) Cannot be used in conjunction with a job-cost system. (B) Is not permissible for financial-reporting purposes. (C.) Is most easily introduced in conjunction with a process-cost system. (D) Is useful for planning but not control purposes. (E.) Is useful for cost control but not planning purposes. 2.) Which one of the following is the difference in direct material costs between the actual cost incurred during the period and the total standard cost...
29. What is the difference between a direct cost and an indirect cost? a. They are...
29. What is the difference between a direct cost and an indirect cost? a. They are the same thing. b. Direct costs are costs that are billed to the nonoperators on a dollar-per-dollar basis, while indirect costs are repaid to the operator via an overhead charge. c. Indirect costs are costs that can be shared with the nonoperators on a dollar-per-dollar basis, while direct costs are repaid to the operator via an overhead charge. d. Direct costs are costs that...
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.
Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three...
Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three inventory accounts used are maintained on a perpetual basis. The process cost system is patterned after the physical flow of products as they move through the production process. Product costs are accumulated separately by job. A separate work in process account is maintained for each department or process.
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...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
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....
29. What is the difference between a direct cost and an indirect cost? a. They are the same thing. b. Direct costs are costs that are billed to the nonoperators on a dollar-per-dollar basis, while indirect costs are repaid to the operator via an overhead charge. c. Indirect costs are costs that can be shared with the nonoperators on a dollar-per-dollar basis, while direct costs are repaid to the operator via an overhead charge. d. Direct costs are costs that...
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.
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