Variable Costing differs from Full Absorption Costing in that it applies:all fixed and variable cost to a product.A.B.all variable cost a product.C.ABCDD.it applies only manufacturing cost to a product.it applies only manufacturing variable and fixed cost to a product.In Full Absorption Costing all:A.variable and fixed manufacturing cost are applied to a product forinventory costing.B. conforms to the expense recognition principle.BODC.D.meeting GAAP requirements.all of the above.Job costing is use for products that:A. are manufactured in a continuous process.are difficult to identify during production.ABCDB.C.D.is the most efficient method of calculating the cost of a product.is used to calculate the cost of a product when the product can beuniquely identified.Process Costing is used to calculate a products manufacturing cost in:ABCDmost industries.industries that have a continuous production process of the same product.the construction industry.a industry that can uniquely identify the product.

Cost Control -Cost control is the process of regulating by executive actions the costs of operating…

Answered: Variable Costing differs from Full…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Variable costing can also be referred to as: Select one: a. Internal costing b. Cost-plus costing c. Absorption costing d. Marginal costing
Which of the following statements is true? O a. Activity-based costs per unit are always greater than volume-based costs per unit. O b. All the statements are false. O c. Different cost allocation methods are constructed so that they typically result in the same or similar estimates of how much it costs to make a product. O d. Activity-based costing typically provides less information about product costs while requiring more recordkeeping. O e. Volume-based costing has typically resulted in overcost for high-volume products and undercost for low-volume products. 11:40 ere to search A D a dx ENG 22-05-2021 hp delete home end an Ed 96 & 7\ 6. + backspace mum lock RO 7 V home g up K enter 50 pause B t shift 2Y end alt ctrl ins
Which of the following statements is true of ABC systems? A) ABC systems are time-driven cost systems. B) ABC systems classify some direct costs as indirect costs and some indirect costs as direct costs. C) ABC systems provide valuable information to managers beyond accurate product costs. D) ABC systems assume all costs are variable costs.
Which of the following line items will not be found in the absorption costing income statement? Group of answer choices Variable manufacturing and non-manufacturing costs Contribution margin Gross profit Fixed manufacturing costs
'Direct costs are treated differently under the ABC method than under the traditional full costing method.' Is the above statement true or false? A. True B. False
In activity-based costing, some manufacturing costs may be excluded from product costsTRUEFALSE
Variable costing income will be greater than absorption costing income when: a. Sales is greater than production. b. contribution pricing is applied c. Production is less than or equal to sales. d. Production is greater than sales
3.Activity based costing (ABC) is a method of allocating the indirect costs of sales commissions to products. A. true b. false
A cost that would be included in product costs under both absorption costing and variable costing is: supervisory salaries. variable selling expenses. factory rent. variable manufacturing costs.
A cost that has characteristics of both a variable cost and a fixed cost is called a Oa. variable/fixed cost Ob. sunk cost Oc. discretionary cost Od, mixed cost
ABC generally causes the least amount of cost distortion among products because indirect costs are allocated to the products based on

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Variable Costing differs from Full Absorption Costing in that it applies: ABCD all fixed and variable cost to a product. A. B. all variable cost a product. C. D. it applies only manufacturing cost to a product. it applies only manufacturing variable and fixed cost to a product.