Which of the following statements are true? Multiple select question. Within the relevant range of activity, increases or decreases in activity change fixed costs. Fixed costs are proportional to activity. Fixed costs are applied to work in process like they are variable costs. Treating fixed costs as variable is necessary for product costing.

Q: When computing product costs, direct materials, direct labor, and only variable manufacturing…

A: Correct option:- Data analytics is the study of analyzing data and discovering patterns while big…

Q: Which of the following is not a true statement about variable costs? O a. Total cost is known to…

A: Variable Cost Variable cost which is described as the cost which are incurred to the business entity…

Q: If the level of activity increases within the relevant range, which of the following will also…

A: Fixed costs are those costs which do not change as the volume of production increases or decreases.…

Q: What is the basic difference between absorption costing and variable costing?   What are the…

A: Product costs are those kinds of costs which is related to the procedure of production directly like…

Q: What is a product cost? What is a period cost? What is the difference and why is it important to…

A: Product cost refers to all costs directly pertaining to the production of a product. While, Period…

Q: Time-driven ABC requires estimates of onl

A: Time-Driven Activity-Based Costing-: Time-driven ABC allows managers to document their expenses on…

Q: Which of the following is true regarding cost drivers? A-Cost drivers cause an activity's cost…

A: The concept of activity-based costing requires identifying the cost pool, cost driver, number of…

Q: What is the definition of a variable cost? Multiple Choice The total cost (materials, labor, and…

A: The costs incurred for the production are classified as fixed and variable components. The variable…

Q: Selling and administrative expenses are considered to be: a. A period cost under variable costing b.…

A: Selling  expenses means the expense incurred while selling the goods like sale men commission , sale…

Q: 1.An activity that has a direct cause-effect relationship with the resources consumed is a(n) Group…

A: In activity based costing the cost are apportioned based on the respective cost drivers

Q: Which of the following statements is true? Multiple Cholce Varlable costing treats direct materials…

A: The period costs are the costs which are expensed in the period they are incurred. Example selling…

Q: In an activity-based costing system, the first step in assigning costs is to • A. separate…

A: Activity-based costing is the method of allocating/assigning the indirect cost to various products…

Q: When refining a costing system, the desire to identify direct costs, is primarily drive by the fact…

A: While refining a costing system the main purpose for direct costs is to identify and classify as…

Q: Within the relevant range, if there is a change in the level of the cos a. Total fixed costs and…

A: Fixed cost will change and total cost will remain the same.

Q: lative to traditional product costing, activity-based costing differs in the way costs are Group of…

A: There are different methods of costing in the accounting some are simple but others are not so…

Q: TRUE OR FALSE When absorption costing is used for external reporting, variable costing can still be…

A: There are various approaches which can be prepared for reporting purpose. Two of which are variable…

Q: nder variable costing, which of the following costs are treated as period costs?

A: Variable costing:- It is a concept used in cost and managerial  accounting. In which the fixed…

Q: The internal cost analysis process involves the following in what order? (A) Identify the links…

A: Internal cost analysis used for analysing value creating process and opportunity to reduce its cost…

Q: What is meant by an activity base when dealing with variable costs? Give several examples of…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: There are three categories of costs: fixed costs, variable costs and semi-variable costs. Which of…

A: Semi-variable cost includes both fixed and variable costs. In this, most of the part is fixed but…

Q: The term "relevant range" means the range over which: a particular cost formula is valid. production…

A: Lets understand the basics.Cost accounting is that branch of accounting in which all costs incurred…

Q: Costs that change in total but not proportionately with changes in the activity level are mixed…

A: The costs incurred during the production process can be classified as fixed, variable and mixed…

Q: Which of the following costs change in total directly and proportionately with respect to the…

A: The objective of the question is to identify the type of cost that changes in total directly and…

Q: In your own words, explain the difference between absorption costing and variable costing methods.…

A: Absorption costing: Its also called as Full costing.

Q: When output volume increases, do fixed costs per unit increase, decrease, or stay the same within…

A: Fixed Costs:   These are the costs that remain constant in total dollar amount irrespective to the…

Q: Which of the following statement about Activity Based Costing is true? a)  Costs which change with…

A: In the activity level costing the indirect cost is allocated on the basis of their activity. for…

Q: Why are the terms direct costs and indirect costs independent of the terms fixed costs and variable…

A: The terms "direct costs" and "indirect costs" are independent of the terms "fixed costs" and…

Q: Determine whether each of the following is best described as a fixed, variable, mixed, step-wise, or…

A: A cost is a consumption required to create or offer an item or get an asset prepared for typical…

Q: Write “True” if the statement is true and write “False” if the statement is false A fixed cost is…

A: Variable cost includes: Direct material Wages Direct labor cost Commission on sales Fixed cost…

Q: Which of the following is not a step st driver rate by the volume of cost w to reduce the costs of…

A: Explanation: Activity based costing is a costing  technique where production is split into different…

Q: Which cost accounting method assumes that the cost of production is driven by the number of units…

A: Methods of costing Different industries follow different methods for ascertaining cost of their…

Q: Which of the following statements is true? *   A. The traditional approach to costing uses many…

A: Cost accounting is one of the branches of accounting. Under this, all costs related to the product…

Q: Activity Based Costing (ABC) is an alternative method for allocating costs to products by…

A: Activity based costing is also known as ABC COSTING . Traditional costing applies an predetermined…

Q: iable costs change in direct proportion to a change in the activity level. True or False?

A: There are two types of one is fixed cost and other is variable cost and both are part of the total…

Q: Which of the following statements is true? O a. Activity-based costs per unit are always greater…

A: The volume based costing represents the cost allocation to a single cost pool. The high volume…

Q: Which of the following statements is true of ABC systems? A) ABC systems are time-driven cost…

A: Activity-based costing (ABC) is a method of assigning overhead based on activities, which are…

Q: ABC costing attempts to: O A. classify as many costs as indirect costs as is feasible. OB. identify…

A: B. identify the activities involved in a process.Explanation:Approach to solving the question:…

Q: Within the relevant range, the change in activity level will result in   a. A change in both of…

A: Cost can be classified into two categories such as fixed cost and variable cost. The fixed cost…

Q: What is the key difference between Absorption and Variable Costing?   A Full Costing treats…

A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…