. Cost allocation is:     the assignment of indirect costs to the chosen cost object     the process of tracking both direct and indirect costs associated with a cost object     the process of determining the actual cost of the cost object     a function of cost tracing

Q: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

Q: Discuss four frequently encountered problems when collecting cost data on variables included in a…

A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…

Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A)…

A: A measure of input or output that defines the amount of cost to be allocated to a specific cost…

Q: A cost allocation rule is the method or process used to assign the costs in the ________ to the…

A: Cost allocation refers to the process of identifying and assigning the overheads to the service…

Q: Q.Identify the cost hierarchy level for each cost category

A: Cost Hierarchy: It refers to a classification of the cost of the company with respect to activity…

Q: Which of the following is a carefully predetermined cost that is usually expressed on a per unit of…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: allocation bases are

A: Activity-based costing is commonly known as ABC. It is a costing method that allocates indirect…

Q: Explain the measures of cost allocation.

A: The company incurs a different cost to provide goods and services to the customers. The entity…

Q: What is the difference between cost allocation and cost assignment?

A:

Q: task order price system, explain the importance of unit cost

A: Task order price system is a system in which performance of tasks are priced based on the value of…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Define the term total costs.

A: Costs: Costs refer to the expenses incurred by the business in the procurement of the materials,…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: True or False. Direct costs can be specifically traced to a cost object.

A: Direct costs, as the name suggests are the costs that can be directly attributed to a cost object.…

Q: The cost that can be directly identified with a cost unit/centre and can be allocated to that cost…

A: Cost of production = Direct manufacturing costs + Indirect manufacturing costs   Indirect costs =…

Q: What is the difference between cost tracing and allocation of costs?

A: 1. COST TRACING : IT IS THE ASSIGNMENT OF DIRECT COSTS TO A PARTICULAR COST OBJECT .    2.…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

Q: Define the term classification of costs.

A: Classification of cost is the process of grouping of costs according to same characteristic. So,…

Q: The following statements are correct objective of cost accounting except:   Ascertainment of cost…

A: Answer: Objective of Cost accounting includes: Ascertainment of cost: It means to calculate the…

Q: Direct costs and indirect costs can be easily traced directly to a cost object.

A: Most of business purchases materials process them into finished goods and sells these goods to…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: A direct cost is one that is a. Variable with respect to the cost object. b. Traceable to the cost…

A: Direct cost: A cost indicates the payment of cash or the obligation to pay the cash in the future…

Q: Explain the term transferred in costs.

A: Concept of transferred in costs are used in process costing system.  Operations of a company…

Q: It is referred to as anything for which a separate measurement of costs is desired A. Cost object B.…

A: Cost is the amount spent on anything. Costing is estimating or projecting the Total Cost Cost…

Q: Define cost tracing, cost allocation, allocation base and cost driver.

A: A costing system is a framework or method used by organizations to track and assign costs to…

Q: A 'product' cost is a cost that is classified by:    a. behavior       b. function       c.…

A: The cost incurred on production directly or indirectly related to production is said to be product…

Q: Which of the following is a correct statement? Check only those that are correct. Choose All That…

A: Cost tracing refers to the process of matching a cost with the product which is being produced.…

Q: Which of the following way of cost assignment used to assign accumulated cost with an indirect…

A: Lets understand the basics. Indirect cost are cost which are not directly related to production…