1) Explain Historical cost concept and provide example.
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- QUESTION 2 Cost AccountingChoose the answer from the choicesWhich of the following is a correct statement? Check only those that are correct. Choose All That Apply Cost tracing is when a cost is attributed directly to a cost object.Cost tracing is when a cost is attributed directly to a cost object. Cost accumulation is the process of gathering cost information about each cost object.Cost accumulation is the process of gathering cost information about each cost object. Cost allocation is when a cost is applied or assigned to a cost object based on a certain factor.Cost allocation is when a cost is applied or assigned to a cost object based on a certain factor. Cost object is anything for which you are trying to gather (accumulate) cost information.Cost Accounting. Answer a, b, and c and provide solution. Use FIFO method
- 1. With relevant examples, explain the following; i. Primary appointment and secondary apportionment ii. Direct cost and indirect cost 2. Discuss 4 (four) importance of Cost Accounting to your programme of study.Explain Historical Cost Principle in detail with example.Q1) Below are the examples of cost objects, except: a. product b. services c. department d. maintenance
- 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 correctDefine and discuss the difference between indirect and direct cost. Provide an example of each.question 2 cost accounting choose from the choices