Organizations use estimated overhead rates, instead of actual costs, to apply overhead costs to work-in-process because that method is: A. More timely. B. Easier to calculate. C. More precise. D. More accurate.

What advantage does the FIFO cost method have over the average cost method relative to providing information for cost control?

When is an activity-based costing system better than a traditional allocation system?

Which of the following best defines standard costing?   a. It is the same as actual costing but done in real time.   b. It is a system that allocates overhead costs on the basis of standard overhead rates times the actual quantities of the allocation base used.   c. It is a system that traces direct costs to output produced by multiplying the standard prices or rates by the standard quantities of inputs allowed for the actual output produced.   d. It is a system that traces direct cost to output by multiplying actual prices or rates by actual quantities of inputs and allocates overhead costs on the basis of actual quantities of the allocation base used.

Accounting 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 sold

costs are easily traceable to a cost object such as a product, service, or department. costs are not easily traceable and are allocated to a cost object using a predetermined rate. (Do not abbreviate or add any extra spacing in your answers.)

Under-allocated manufacturing overhead costs are always the result of which of the following situations? Select one: A. Estimated overhead costs are greater than actual overhead costs. B. Applied overhead costs are less than actual overhead costs. C. Actual overhead costs are greater than estimated overhead costs. D. Actual overhead costs are less than applied overhead costs.

Consumption ratios are useful in determining: A. the existence of product-line diversity. B. overhead that is incurred at the unit level. C. if overhead-producing activities are being utilized effectively. D. if overhead costs are being applied to products. E. if overhead-producing activities are being utilized efficiently.

2. The internal cost analysis process involves the following in what order? (A) Identify the links between the process and check for opportunities to lower costs, (B) Identify the value creating processes and the cost of each, (C) Identify the cost driver for each process and the cost per activity level.   a. A, B, Cb. C, A, Bc. B, A, Cd. B, C, A

Which of the following is true regarding cost drivers? A-Cost drivers cause an activity's cost B-Cost drivers are the allocation base for applying overhead production C- Cost drives are the allocation base for applying overhead production and cost drivers can an activity's cost D-None are correct