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?

ABC costing attempts to apply:  A) all manufacturing costs more accurately. B) manufacturing overhead more accurately.  C) both manufacturing overhead and nonmanufacturing overhead more accurately. D) raw material, direct labor and manufacturing overhead more accurately. only financial risks and opportunities

Since overhead costs are indirect costs, Group of answer choices they require some process of allocation. they can be easily traced to production. they cannot be allocated. a predetermined overhead rate is not advantageous.

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.

Which of the following statements about overhead allocation based on volume alone is correct? Select one: a. It will systematically overcost high-volume products and undercost low-volume products. b. It must be used for external financial reporting. c. It will systematically overcost low-volume products and undercost high-volume products. d. It is a key aspect of the activity-based costing model.

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

Indicate whether the following statement is true or false, then support your view. By using a single cost pool and a single cost driver to allocate overhead, the more traditional methods of overhead assignment fully considers the influence on cost of the different activities that occur to make a product.

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.)