28. All of the following costs are part of the value of a tangible physical asset except a) labor dollars b) material dollars c) overhead costs d) opportunity costs
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28. All of the following costs are part of the value of a tangible physical asset except
a) labor dollars
b) material dollars
c) overhead costs
d) opportunity costs
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- 15 How do we account for the total costs of assets? What items are included?Is Historical Cost measurement concept is still relevant to account for majority of the company assets in this current environment? Support with THREE (3) reasons and illustrate with examples.Which of the following is NOT one of the definitions of "Cost" concept? Select one: a. Cost means economic sacrifice, measured in terms of standard monetary unit, incurred or potentially to be incurred, as a consequence of a business decision to achieve a specific objective b. Cost is the amount of expenditure (actual or notional) incurred or attributable to a given thing c. Cost refers only to the cash paid for purchasing an item. d. Cost is a measurement, in monetary terms, of the amount of resources used for the purpose of production of goods or rendering services
- 18/Which of the following used as a measure of the quantity of resource consumed by an activity? a. Cost driver b. Activity cost driver c. All of these d. Resource cost driver46.Inventoriable costs a. include only the prime costs of manufacturing a product. b. include only the conversion costs of a manufacturing a product. c. are expenses when products become part of finished goods inventory. d. are regarded as assets before the products are sold.which one is correct please confirm? There are three categories of costs: fixed costs, variable costs and semi-variable costs. Which of the following is a semi-variable cost? a. depreciation b. raw materials c. labor costs d. management salaries
- Research and development activities may include (a) personnel costs, (b) materials and equipment costs, and (c) indirect costs. What is the recommended accounting treatment for these three types of R&D costs?Why do we include all the incidental charges relating to the acquisition of a machine in its cost?which one is correct please confirm? QUESTION 12 Raw material and direct labor costs are examples of ____. a. fixed costs b. variable costs c. capital costs d. overhead costs
- The critical issues in accounting for tangible assets are recognising cost incurred as an expense or an asset and the measurement of initial costs and subsequent expenditure. MFRS 116 Property, Plant and Equipment provide guidance on these critical issues. Please give explanation in details and example26- Which one of the following is a carrying cost? a. Cost of manufacturing goods b. Cost of inspecting goods c. Cost of receiving goods d. Cost of obsolescenceWhich of the following correctly describes the term cost driver? a.The primary factor which is correlated with the amount of cost incurred to produce a product b.The total material, labor, and overhead cost of a completed job c.The inflation rate which causes costs to rise d.The initial purchase price of direct materials