Classify each cost item as one of the following:1) External Failure2) Internal Failure3) Appraisal4) Prevention5) Cost of doing businessOrdinary freightVisit to a supplier to determine theirwants and needsReceiving inspectionProcess design reviewReimbursement of a customer for partsmissing from an ordeRemedial trainingAccountant's salaryPlanning for quality auditDefective parts detected in-houseInspection of a lot after a defective part isfound[Choose ][Choose ][Choose ][Choose ][Choose ][Choose ][Choose ][Choose ][Choose ][Choose ]

Ordinary freight (5) Cost of doing business:Explanation: Ordinary freight costs are essential…

Answered: Classify each cost item as one of the…

Classify each cost item as one of the following: 1) External Failure 2) Internal Failure 3) Appraisal 4) Prevention 5) Cost of doing business

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Classify each cost item as one of the following:
1) External Failure
2) Internal Failure
3) Appraisal
4) Prevention
5) Cost of doing business
Ordinary freight
Visit to a supplier to determine their
wants and needs
Receiving inspection
Process design review
Reimbursement of a customer for parts
missing from an orde
Remedial training
Accountant's salary
Planning for quality audit
Defective parts detected in-house
Inspection of a lot after a defective part is
found
[Choose ]
[Choose ]
[Choose ]
[Choose ]
[Choose ]
[Choose ]
[Choose ]
[Choose ]
[Choose ]
[Choose ]

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To make predictions about costs and income, you must first classify costs by their behavior. True False
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