Which overhead allocation methods do not charge support department costs to a support department after its costs have been allocated? A. Reciprocal and direct method B. Stepdown and reciprocal method C. Direct and step-down methods D. Simultaneous solution and reciprocal method

Which overhead allocation methods do not charge support department costs to a support department after its costs have been allocated? A. Reciprocal and direct method B. Stepdown and reciprocal method C. Direct and step-down methods D. Simultaneous solution and reciprocal method

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Description: Which overhead allocation methods do not charge support department costs to a support department after its costs have been allocated?A. Reciprocal and direct methodB. Stepdown and reciprocal methodC. Direct and step-down methodsD. Simultaneous soluti

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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Which of the following statements is true? O The first step in activity-based costing is to assign overhead costs to products using cost drivers ABC usually results in less appropriate management decisions Activity-based costing allocates overhead to multiple activity cost pools and assigns the cost pools to products using cost drivers O Traditional costing systems use multiple predetermined overhead rates
What is the proper order of tasks in an ABC system? a.identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products b.assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools c.identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products d.identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools
A department’s conversion costs are equal to the ________ and assigned direct labor costs. Select answer from the options below A. sum of its allocated overhead costs B. difference between its materials costs C. sum of its materials costs D. difference between its allocated overhead costs
1.The overhead absorption rate used to allocate manufacturing overhead is calculated by: Select one: a.dividing the total estimated manufacturing overhead costs by the total estimated quantity of the allocation base b.dividing the total estimated manufacturing overhead by the total actual quantity of the cost driver c.dividing the total actual manufacturing overhead costs by the total estimated quantity of the cost driver d.dividing the total estimated quantity of the cost driver by the total estimated manufacturing overhead costs
All service department costs are costs as far as the product is concern because they do not arisefrom production activities.a. directb. indirectc. variabled. fixed
Under activity -based costing , second stage allocation would involve a. Calculating activity rates b. Assigning costs to cost objects c. Defining activity measures d. None of the given answers e. Assigning costs to cost pools
In a two-stage activity-based costing model, stage one involves Select one: O O A. assigning activity costs to cost objects. B. assigning indirect resource costs to activity pools. C. measuring the various indirect resource costs and determining resource drivers. D. assigning direct costs to cost objects.
The process of assigning overhead costs to the jobs that are worked on is commonly called: O A. Overhead cost distribution B. Overhead cost apportionment C. Service department cost allocation D. Overhead application
Please briefly describe (1) the three main differences between the traditional overhead allocation system and the activity-based costing (ABC) overhead allocation system, and (2) which allocation system you prefer to use.
Under variable costing, which of the following are costs that can be inventoried Select one: O O a. variable manufacturing overhead b. fixed selling and administrative expense c. variable selling and administrative expense d. fixed manufacturing overhead
Which of the following statements regarding activity-based costing (ABC) is NOT correct? a. Under ABC cost centres are replaced by cost pools b. Blanket overhead recovery rates (OAR) are replaced with cost driver rates c. ABC uses one common overhead recovery rate, such as labour hours. d. ABC tackles the problems of absorption costing by adopting a much more accurate way of charging overhead to cost units.
:Activity-based costing .uses cost pool that collects costs related to the same activity .a O .provides the same results as the departmental overhead costing .b O .uses departments overhead rate to assign overhead .c O .typically applies overhead costs using direct labor-hours .d O .None of the given answer .e O