Determine the term being defined or described by the following statement: Changing tooling when preparing for a new product. a. Engineering change order b. Variable cost concept c. Setup d. Normal selling price e. Total cost concept
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- Kaizen costing aims to reduce costs during the 00 A. production B. post-production C. design D. testing phase of a product's life.When pricing products and using cost-plus pricing, which type of cost is perceived to be the safest one to use to establish the price. OA. Manufacturing cost B. Full absorption cost OC. Prime cost OD. Variable costsAppropriate base to allocate purchase department cost to different products is? A. Machine Hour B. Purchase Order C. Closing stock of Material D. Units of output
- cost, sunk costs or opportunity costs. Keep in mind that one cost can be fall into different categories. In such case indicate all the categories. Cost Classifications for: Cost Item (1) Predicting Cost Behavior (2) Manufacturer s (3) Preparing Financial Statements (4) Decision MakingA costing approach in which all manufacturing costs are product costs." This statement best describe. a. Normal Costing O b. Variable Costing C. Absorption Costing d. Actual CostingThe decision of whether to process products beyond the splitoff process should be based on which of the following? Select one: a. Production cost analysis b. Revenue analysis c. Incremental operating income attainable beyond the splitoff point d. Relevant cost analysis e. Gross margin analysis
- True or 2. Reasons for using standard costing include: A) Comparing projected costs against actual costs B) Planning and budgeting purposes C) Setting prices in advance D) Identifying specific areas for process improvement E) All of the aboveAccounting When refining a costing system, the desire to identify direct costs, is primarily drive by the fact that: a.Direct Costs are cheaper to identify cross out b.Direct costs are traceable cross out c.Direct costs are included in manufacturing overhead cross out d.Direct costs are not included in cost of good soldest your knowledge of various aspects of full costing. Match the terms on the left with the corresponding definitions on the right by choosing the appropriate letter in the drop-down list in the left hand table. Question content area bottom Part 1 1. Full costing A. The manner in which costs alter with changes in the level of activity 2. Process costing B. Costs that cannot be identified with specific cost units 3. Direct costs C. Establishing the full cost of an activity where the units of output are dissimilar to each other 4. Job costing D. Costs that can be identified with specific cost units 5. Indirect costs E. Establishing the total of both the direct and the indirect costs of an activity 6. Cost behaviour F. Establishing the full cost of an activity, where the units of output are identical or nearly identical