- i. They can be made into products of the desired quality by undergoing additional processes.   ii. The expenses incurred for the additional transactions to be made must be economical. iii. They cannot be sold as solid products.   Which of the following is true regarding defective products?      a) i and iii  B) only ii  NS) ii and iii  D) i and ii  TO) only i

Q: TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net  income…

A: Ending inventory is the value of goods lying in the stock on the date of closing the books.

Q: ing control ing relative efficiency short-term, spare capacity de

A: Cost refers to the compiled sum of all the expenses involved while manufacturing a product.

Q: K92

A: Relevant costs is the costs that will only be incurred as a result of specific decision. It is also…

Q: If a product is shipped FOB (destination) and is destroyed in transit, who will pay for the loss?…

A: FOB Destination point: Under this term, the seller remains the owner of the goods until the goods…

Q: When deciding to accept a special order, which of the following costs are relevant? A. Fixed…

A: When business has option to select one alternative out of two alternatives, then alternative which…

Q: [S1] Costs that are expensed when incurred are called period costs. [S2] In financial accounting,…

A: The cost of production refers to the total amount of expenses incurred in the process of producing a…

Q: Wrong classification of imported goods may lead to   a. Goods being shipped to wrong address. b.…

A: Solution: Custom duty rates on imports vary from product to product. Therefore it is necessary that…

Q: How does the existence of excess production capacity affect the decision to accept or reject a…

A: Special order:   The order received from special customers except regular customers at special price…

Q: Value-added activities O include product inspections. O contribute to the product's perceived value.…

A: Value-added activities refer to tasks or processes within a business or production system that…

Q: pay is based on sales revenue, while Commission; piece-rate Piece-rate, commission Exempt, nonexempt…

A: Sales revenue is the amount of revenue received from sale of goods and services in the business.…

Q: The traditional (Volume -based cost systems ) tend to : a. under -cost low -volume products and…

A: Explanation: In traditional volume-based cost system, direct material and direct labour cost are…

Q: 6-Which of the following will not be included in the cost of Machine? a. Installation cost of…

A: The original cost of an asset takes into consideration all of the items that can be attributed to…

Q: When computing OASDI, consider earnings and current wages and the cap. Scenario 2: Partially Exceeds…

A: The following computations are done for Jordan to calculate OASDI withholdings.

Q: Overhead Cost Area Admin and General Info and Telecomm Sales and Marketing Utilities Prop Maint…

A: Overheads means all type of indirect costs being incurred in business. These costs can not be…

Q: Consider the following statements: (i) Traditional costing tends to over-cost high-volume products…

A: Cost accounting is defined as the branch of accounting used by manufacturing entities in order to…

Q: Which of the following statements about the use of relevant cost analysis in decision making is…

A: The Cost  play an important role in decision making because it is concern with all the decisions…

Q: Which kind of costs could be by closing a sales eliminated office?

A: It's important to note that the decision to close a sales office should be carefully evaluated,…

Q: one of Common Reactions to Negative Information

A: Billing error is the error that is held in the preparing the bills. It Can occurred due to the wrong…

Q: Volume-based cost systems tend to:

A: Meaning of Volume Based Cost System Volume based costing is also known as traditional costing. It is…

Q: The traditional (Volume-based cost systems) tend to:

A: Answer: Option (a) is the correct answer. Under-cost low-volume products and over-cost high-volume…

Q: Sneaky Snacky Squirrel Inc. has a budget of $900,000 in 2021 for prevention costs. If it decides to…

A: External failure costs refers to the component of the cost of quality as well as are incurred when…

Q: Which of the following is the disadvantage of using FIFO method. a. The assumed flow of costs…

A: Lets understand the FIFO method and their advantages and disadvantages. As the name suggest, First…

Q: 1.-A joint cost is a cost that benefits more than one product. II.-A by-product is a product that is…

A: Answer- Correct Option is Option D -  Both Statements are TRUE.

Q: Which of the following statements are true? 1. The sum of all manufacturing costs except for direct…

A: The manufacturing costs also called product cost includes direct materials, direct labor and…

Q: A is not an example of a cost objective. a. department b. product c. territory d. All of these…

A: The question asked to find correct the option from the given options.   Cost object: The cost object…

Q: Which one among the following conditions is NOT a condition of Murabaha:   - Payment may be made…

A: Murabaha, also known as cost-plus finance, is an Islamic financing system in which the buyer and…

Q: Which of the following items would be relevant in the decision of buying a component part instead of…

A: Make or buy decision is the one that helps the entity to choose one alternative for the goods. In…

Q: As computer software is developed that is to be sold, leased, or otherwise marketed, software…

A: Option b is correct.

Q: 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income…

A: The dividend will be paid on the Outstanding Number of Shares and does not include treasury stock.

Q: Service organizations do not make or sell goods. In fact, the output of service…

A: A service organization/department are engaged in an effort to provide services to the customer with…

Q: Dorsey Company manufactures three products from a common input in a joint processing operation.…

A: Split-off point means that the joint product produced is taken separately and can now be processed…

Q: 8) A single indirect-cost rate distorts product costs because A) there is an assumption that all…

A: Answer : Option A " There is an assumption that all support activities affect all products in a…

Q: Describe dropping unprofitable products or segments.

A: Dropping unprofitable products or segments means discontinue a particular product or segment which…

Q: Cite a specific example of non-value added activity that can be eliminated in a particular industry.…

A: NVA activities are tasks that do not add to the shape or function of the market. Filing, copying,…

Q: When a transaction involves multiple performance obligations in a single transaction Select one :…

A: Answer  As per the IFRS 115 revenue recognition  the revenue should only be recognized only when…

Q: Differentiate between spoiled and defective material, why costing procedure is different for both?

A: A defective good is a good in which there is a manufacturing fault or defect, but this fault can be…

Q: :The traditional (Volume-based cost systems) tend t low-volume products and under-cost high-volume…

A: Explanation: In traditional volume-based cost system, direct material and direct labour cost are…

Q: 6- Absorption costing makes an apportionment of indirect costs so that the products absorb these…

A: There are two types of costing methods that are being used in cost accounting. One is absorption…

Q: Which of the following is not an example of a typical external failure cost? Multiple choice…

A: The objective of the question is to identify which of the given options is not a typical example of…

Q: In which scenario would an adjusted sales value be used to assign costs? a. If abnormal losses…

A: Joint products refer to the products which are produced simultaneously as their raw material is the…