Costs as variable or fixed? Financial AccountingWhich method classifies costs as variable or fixed?a) Direct costingb) Process costingc) Job order costingd) Standard costing

Explanation of Direct Costing:Direct costing, also known as variable costing, focuses on separating…

Answered: Financial Accounting Which method…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter7: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 4MTC

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Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.
Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overhead
Which is not a task typically associated with ABC systems? A. calculating the overhead application rate for each cost pool B. applying a single cost rate C. identifying a cost driver D. more correctly allocating overhead costs
How is the primary focus of activity-based costing different from that of traditional allocation?
What are the two main things that an activity-based costing system attempts to accomplish relative to direct and indirect costs?
The ability to assign a cost directly to a cost object by means of a causal relationship is a. allocation b. traceability c. separability d. value chain process
What is the most important purpose of the cost of production report?
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
How are cost of production reports used for controlling and improving operations?
Explain the difference between a period cost and a product cost.
Which method classifies?
Activity-based costing (ABC) only differs from traditional costing in the manner in which it treats which one of the following? A. Employees B. Overheads C. Inventories OD. Working capital

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Financial Accounting Which method classifies costs as variable or fixed? a) Direct costing b) Process costing c) Job order costing d) Standard costing