Which of the following statements are true? 1. The sum of all manufacturing costs except for direct materials and direct labor is called manufacturing overhead. 2. The three cost elements ordinarily included in product costs are direct materials, direct labor, and manufacturing overhead. O Only statement II is true. OBoth of the statements are true. ONeither of the statements are true. Only statement I is true.

Which of the following statements are true? 1. The sum of all manufacturing costs except for direct materials and direct labor is called manufacturing overhead. 2. The three cost elements ordinarily included in product costs are direct materials, direct labor, and manufacturing overhead. O Only statement II is true. OBoth of the statements are true. ONeither of the statements are true. Only statement I is true.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 13MC: Which of the following are prime costs? A. indirect materials, indirect labor, and direct labor B....

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[S1] A cost is either direct or indirect. The classification changes if the costs object changes. [S2] Manufacturing overhead is an indirect cost with respect to units of product. a. both are trueb. both are falsec. S1 is trued. S2 is true
Which of the following statements is false? Multiple Choice O O Prime costs include manufacturing overhead. Conversion costs include manufacturing overhead. Prime costs include direct labor. Conversion costs include direct labor.
Which of the following statements is true? (You may select more than one answer.)a. A common cost is one type of direct cost.b. A sunk cost is usually a differential cost.c. Opportunity costs are not usually recorded in the accounts of an organization.d. A particular cost may be direct or indirect depending on the cost object.
Product costs are also called Select one: O a. Indirect material costs. O b. Indirect Labor costs. O c. Manufacturing overhead costs. O d. None of the answers are correct O e. Non-manufacturing costs.
Which of the following statements is true? * A. The traditional approach to costing uses many different cost drivers. B. Costs that are indirect to products are by definition traceable to directly to products. C. Costs that are indirect to products are traceable to some activity. D. All of the above statements are true.
Choose one correct answer by writing down the question number and the letter representing the answer next to it. e.g 1.b1.Direct Costs are costs that:a. are traceable to a productb. are classified as product costs c. are also regarded as prime costsd. All of the above are correct
I need the answer as soon as possible
Which of the following is NOT an example of Prime Cost? A. Manufacturing wagesB. Direct wagesC. Indirect wagesD. Royalties
Conversion costs include direct labor and manufacturing overhead. Select one: O a. FALSE O b. TRUE
'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
A cost objective is: Select one: O A. Confined to direct costs O B. The purpose for which costs are accumulated O C. Relevant only to the manufacturing situation O D. All of the above
Which of the following statements is true? (You may select more than one answer.)a. Conversion costs include direct materials and direct labor.b. Indirect materials are included in manufacturing overhead.c. Prime costs are included in manufacturing overhead.d. Selling costs are considered period costs