he following statements are incorrect, except a. Cost is the same with expense. b. All costs require at least an outlay of resources. c. Different cost concepts and classifications are used for different purpose d. none of the above

Q: Controllability has little to do with whether a cost is fixed or variable.  Select one: True False

A: Fixed cost is the cost that is related to the production of a good or services. It is the amount…

Q: Which method separating mixed cost is most accurate? Provide reasons for your answer based  on the…

A: Cost under accounting can be of two types i.e. fixed cost and variable cost. The accosting records…

Q: Match each of the following terms with the best definition. A. Theory of constraints B. Sunk cost…

A: Given the following question: Theory of constraints Sunk cost Differential analysis Opportunity…

Q: Is corrective action always necessary when actual costs are higher than standard costs

A: A company which manufactures products and goods keeps a sharp eye on its costs. When the actual cost…

Q: Any cost that is avoidable is relevant for decision purposes. O A. True O B. False

A: Relevant costs are those costs that are affected by the specific management decision being…

Q: For a cost to be relevant to decision-making, it must be:

A: Relevant costs are critical in cost analysis and decision-making because they give a clear picture…

Q: In your own words explain the meaning of: a. differential revenue, b. differential cost, and c.…

A: In accounting, Differential means the difference between the two alternatives or two output levels,…

Q: Which of the following statements about a sunk cost is false? Question 11Answer a. It is relevant to…

A: In cost accounting, several type of cost classifications are there. These are like direct costs,…

Q: 3. Which of the following is correct regarding a relevant range? a Total variable costs will not…

A: A Relevant Range is the Range of Activity above which the Variable Cost Per Unit and The Total Fixed…

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: ________ are the costs associated with not choosing the other alternative.A. Sunk costsB.…

A: The term "cost" alludes to the overall expense incurred in the production of goods and services as…

Q: A sunk cost can be described as which of the following?     A historical cost     Cannot be…

A: Sunk Cost: The sunk cost is the historical cost that already has been incurred previously, which is…

Q: True (t) or False (f) ______ The historical cost principle would be of limited usefulness if not…

A: Historical cost principle says that all assets and liabilities of business should be recorded at…

Q: Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs that…

A: Cost allocation refers to the process of distributing the single cost among various companies,…

Q: Which type of cost occurs only with the implementation of a particular alternative? O unavoidable O…

A: Lets understand the basics.Unavoidable costs are cost which will not change due to any decision…

Q: Each incorrect answer cancels out each correcr one. Indicate which of the following statements are…

A: 1. Indirect costs are those factors whose increase or decrease is not related to changes in the…

Q: 6) Explain the difference between an inventoriable (Product) cost and a period cost. What potential…

A: Financial statements are statements which states the business activities performed by the company .…

Q: The high-low method used in determining costs can be used to estimate the cost queation using just…

A:

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: Identify each of these costs as fixed, variable, or mixed.

A:

Q: ou agree from the following statements- Explain in details with Variable costs are controllable but…

A: Statement is TRUE but not entirely True. Variable costs are controllable cost while fixed costs are…