Which of the following statements is true regarding by products?   a. Process costing is the only method that should result in by-products.   b. Job order costing systems will never have by-products.   c. Job order costing systems may have instances where by-products result from the production process.

Q: Which of the following is NOT a reason for companies to assign costs to products or services?

A: We know that objective of every business is to attain profitability  Now, Profit for business is =…

Q: In a job order cost system, a decrease to Manufacturing Overhead will be accompanied by an increase…

A: Factory overhead is the indirect cost incurred in the process of manufacturing. Therefore, it is…

Q: Which of the following might be a reason that allocating overhead under an activity-based approach…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

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: WIP may not exist in job order costing, can you expand on that? What are some examples of times that…

A: Job order Costing : It is a method of costing specific jobs which are performed on the instructions…

Q: Traditional overhead allocations result in which of the following situations? Group of answer…

A: Overhead allocation is one of the technique which is used to distribute indirect costs among several…

Q: What system would a manufacturer of unique special orders or batch processes most likely use to…

A: Cost accounting is very important area of accounting, which helps in accounting of various types and…

Q: The allocation of indirect costs in an activity-based costing system a. may require other costs to…

A: In ABC(Activity-Based Costing) costs are traced to specific activities (activity pools) within an…

Q: Which of the following is not a distinction between process costing and job order costing? a. Job…

A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…

Q: The three major differences between process and job order costing systems are those relating to:

A: Job Order Costing Process order Costing The Job Order Costing is based upon the manufacturing cost…

Q: Process costing systems are used only by companies that manufacture physical products; companies…

A: Process Costing - Process costing is a method of allocating manufacturing costs to finished goods.…

Q: If the activities causing overhead costs are different across different departments and products,…

A: Answer: True

Q: f the given answers is correct. w based costing (ABC) can be used for e onal costing cannot be used…

A: the correct option is (a) Activity based costing can be used in service companies

Q: Which statement is FALSE? Activity-Based Costing includes non-manufacturing costs in product costs,…

A: Job order costing is applicable especially for a company producing identifiable separate distinct…

Q: Process costing systems are used only by companies that manufacture physical products; companies…

A: Companies utilize process costing, a technique that divides the manufacturing process into discrete…

Q: whethe each item a. Diverse products and services b. Routine, repetitive procedures c. Low product…

A: The process of assessing and assigning expenses or costs connected with manufacturing items,…

Q: In Process Costing, what are spoilt units? In what ways do they resemble spoilt units when it comes…

A: Process costing is a method of costing used where units are continuously produced through one or…

Q: process c

A: Given: To define the incorrect statement about the job order costing systems and the process costing…

Q: Which would NOT be relevant in a make- or- buy decision? a) factory deprciation b) direct materials…

A: The cost can be classified into two categories i.e fixed cost and variable cost. The  FIxed cost…

Q: ich of the following statements is not always true? Question 3 options: The job - order costing…

A: Job-order costing -The costs related to a particular batch of products are accumulated using a job…

Q: 1. Which of the following is NOT a key characteristic of Conformance Costs? a) They include expenses…

A: Conformance costs, also known as prevention or appraisal costs, are expenses incurred to ensure…

Q: activity-based costing systems have a tendency to distort product costs. True or False?

A: The overhead is applied to the production on the basis of predetermined overhead rate. The…

Q: Which of the following statements is true: a. Activity based costing can only be used in…

A: Activity-based costing shows the economic cost of the department because it allocates indirect costs…

Q: 1. Which of the fol absorption costing and variable costing Equipment depreciation. B) Variable…

A: Solution: Unit product cost under variable costing = Direct materials + Direct labor + Variable…

Q: When applied by service companies, the use of the single and multiple department overhead rate…

A: The correct answer is “False.”

Q: Which of the following is false when using ABC in a service industry? analyze operations accumulated…

A: ABC (activity-based costing) seems to be an approach for allocating overhead expenses more…

Q: 19) Which of the following is false? Material on a job is classifies as__________. A) direct or…

A: Job costing refers to a costing method that is suitable for the ascertainment of cost of the…

Q: Consider the following statements regarding traditional costing system: I – Overhead costs are…

A: Introduction  Traditional costing system may be defined as that type of costing system in which…

Q: Activity-based-costing (ABC) can: Group of answer choices   make managers realize that only products…

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

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: Why might a company choose a process costing system over a job order costing system? How are the two…

A: Cost accounting is beneficial since it can demonstrate where a corporation spends money, earns…

Q: In a lean environment, process problems are more visible than they are in a traditional environment…

A: Under Lean Environment, only those goods are produced which are in demand.

Q: Explain the concept of operation costing. How does it differ from process or job-order costing? Why…

A:

Q: s it true that the direct method is a method of cost allocation that charges costs of service…

A: Direct Method- Direct method refers to the method under which the cost of the service department is…

Q: 1. If management wants the most accurate product cost, which of the following costing methods should…

A: Costing method refers to the way of calculating the total cost of a final product. It is a tool in…

Q: Which of the following statements is false?

A: The predetermined overhead rate (POHR) is calculated using estimated manufacturing overhead costs…

Q: A job cost accounting system is suitable for similar products that are mass produced. * O True False

A: Job costing is used for a particular job where costs are identifiable to the job specifically.

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.