18. Classifying a cost as either direct or indirect depends upon:     whether the cost can be easily identified with the cost object     the behavior of the cost in response to volume changes     whether the cost is expensed in the period in which it is incurred     whether an expenditure is avoidable or not in the future

Q: decision making purposes, relevant costs are: a. variable past costs b. all fixed and variable…

A: Relevant cost is the cost which are relevant in decision making process. Sunk cost are the cost…

Q: What is a product cost? What is a period cost? What is the difference and why is it important to…

A: Product cost refers to all costs directly pertaining to the production of a product. While, Period…

Q: The Billing rate/Labor costs ratio is a billing multiple and can be used to evaluate relative…

A: The Billing rate/Labor costs ratio, referred to as the billing multiple, is a financial gauge that…

Q: 6. What are costs that vary in proportions to changes in the activity base?

A: In cost accounting, different types of costs are incurred and accounted for. Some costs do not…

Q: Which of statements about the contribution income statement is correct? Group of answer choices

A: A contribution income statement is defined as the statement in which all the variable costs and all…

Q: Question 2 Direct costs: are incurred to benefit a particular accounting period. are incurred due to…

A: Direct cost are those cost which can be directly link to the manufacturing of goods or rendering of…

Q: Costs that vary in proportion to volume changes but not directly are considered

A: Mixed Costs are the costs in which some of its component is fixed, i.e. it doesn't change with the…

Q: costs that change proportionately according to the changes in the cost driver.......

A: variable costs are the costs that change according to the changes in the cost drivers or changes…

Q: The total cost of a cost object can only include the direct costs that are directly traced to that…

A: The total cost of a cost object includes both costs i.e costs that are directly traced and…

Q: Select all of the following that are the same as a relevant cost: unavoidable cost Oavoidable cost…

A: Relevant cost is a cost that is specifically relevant to a particular decision being made. It is a…

Q: What is life-cycle and/or full-cost accounting? IS THERE A DIFFERENCE?

A: In this question, we have to tell about life-cycle costing and full cost accounting, whether these…

Q: What are: Relevant / irrelevant / Differential Costs Relevant / irrelevant / Differential Revenues…

A: Relevant / Irrelevant / Differential Costs: Relevant Costs are the cost which are relevant in…

Q: Explain the arguments for and against using historical cost as a measurement base.

A: Historical Cost Accounting is a method of accounting in which the assets in the balance sheet are…

Q: Current Cost Concept - Measurement of Elements  Why is Accounts Payable one of the elements that is…

A: Accounts payable is the amount owed by a company to its suppliers or vendors for goods and services…

Q: Which of the following summarizes the weighted average cost flow assumption? O Weighted average…

A: The weighted average cost flow assumption is a method of assigning costs to inventory and the cost…

Q: What is meant by incremental revenue or incremental cos

A: Incremental Revenue Incremental Revenue means is an additional revenue earned from selling one…