Activity Based Costing classified costs into A. Three Groups - material, labour and overhead B. Three Groups - material, labour and activities cost C. Two Groups - material and conversion cost D. Two Groups - material and activity costs

Q: In tabular form, provide 3 similarities between activity based costing method and traditional method…

A: Activity based costing and traditional costing are two important methods used to allocate the…

Q: Conversion cost consist of A) direct materials and direct labour B) direct labour and manufacturing…

A: There are two types of costs - 1. Prime Cost 2. Conversion Cost This costs are required to prepare…

Q: Second-stage allocation in Activity-based Costing includes assigning costs to; O a. Activity rates…

A: Activity  based costing  allocates costs to cost pool as a first stage objective

Q: Conversion costs include A. product and period costs B. direct labor and manufacturing overhead…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Using the seven-step approach for assigning costs put the following four steps in the correct order:…

A: The seven step approach is used to assign the costs to individual jobs. In job costing several jobs…

Q: When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A)…

A: A measure of input or output that defines the amount of cost to be allocated to a specific cost…

Q: Cost Accounting - Process costing The analysis of the activity in a department or cost center for a…

A: Process costing is a costing system wherein a large number of products have been produced and cost…

Q: 9.In an activity-based costing system, direct materials used would typically be classified as a:…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Define the following: direct material costs, direct manufacturing-labor costs, manufacturing…

A: Direct Material Costs: It includes cost of direct materials used in manufacturing of finished goods.…

Q: A manager's needs regarding cost management and accuracy costing, and the underlying production…

A: I am answering the first question as per the company policies. Costing is the process of per unit…

Q: Find out the categories as per the concept of Activity based costing: 1.Indirect consumables…

A: Activity based costing is costing method where it consist of various levels of activities namely…

Q: Required: 1. Under a costing system that allocates overhead on the basis of direct-labor hours, the…

A: Under activity-based costing (ABC), Costs are allocated based on the activity and the cost driver…

Q: Indirect materials and indirect labour are classified as: O a. manufacturing overhead and product…

A: Costs that are not traced to the product directly are known as indirect costs. These costs are…

Q: The most important element of cost in manufacturing industries is : Select one: a. Labor b. Material…

A: Cost: It refers to the aggregated amount that is spent by the business in the process of…

Q: the following standard ca ued by the cost accountin standard costing policy of unit Standard cost

A:

Q: Conversion costs consist of: O a direct labor and manufacturing overhead O b. direct and indirect…

A: Prime costs consists of direct material and direct labor, While conversion costs consist of direct…

Q: List and briefly describe the four broad categories of activities identified in stage one of an…

A: Activity based costing system is method of costing in which indirect costs are assigned to the…

Q: A costing approach in which all manufacturing costs are product costs." This statement best…

A: All manufacturing cost will include the direct material , direct labor , variable and fixed…

Q: Under activity-based costing, second stage allocation would involve: O a. Defining activity measures…

A: Steps involved in Activity-based costing - Step 1 - identify and classify the activities involved…

Q: Using activity-based costing Activity-based costing requires four steps. List the four steps in the…

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

Q: List any four functions of management. Explain what type of cost management information is…

A:

Q: Question: Unlike the traditional full-absorption cost system, activity-based costing (ABC) assigns:

A: Companies always have the problem which they have to tackle very cautionary is the allocation of the…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: 1. Classify the costs in the items below using the following format below. Identify the right answer…

A: The costs are classified as direct, indirect, and other factory overhead costs, selling and…

Q: in the process costing the main goal in accounting for cost is to .......... product cost

A: Process costing means when raw material is added in one process and different process are applied to…

Q: Activity based Costing enables overhead cost to be ___________assigned to cost objects. a. Over b.…

A: Activity Based Costing is a method of accounting which is used to find the cost of activities…

Q: Activity based costing system differs from traditional costing systems in the treatment of, A)…

A: Direct costs are the cost that can be traced on the process and production of goods.

Q: :Under activity-based costing, the process of assigning costs to cost objects is called First stage…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Prime cost is? A)Group of answer choices B)indirect materials cost and direct labor cost.…

A: Prime cost refers to the cost related to direct labour and direct material  For example in the…

Q: what are the three major components of product costs: direct materials, direct labor, and…

A: The costs of producing a product are referred to as product costs. Direct material, direct labour,…

Q: What is standard cost ? Explain four purposes of standard costing.    NB: This concept should be in…

A: Solution:- Standard cost means as follows under:-

Q: Steps performed in stage two of ABC costing include: i. computation of product cost per unit for…

A: ABC 2 Step Overhead Allocation Process:   The first stage (Step 1) assigns overhead costs to…

Q: :Under activity-based costing, the process of assigning costs to cost objects is called First stage…

A: Activity-Based Costing:- It is a method of assigning overhead and indirect costs such as salaries…

Q: The three major components of cost of goods sold are: a. Direct labor, direct material, and profit…

A: Cost of goods sold means cost of producing the goods which are being sold by the organisation. This…

Q: Under activity-based costing, second stage allocation would involve: O a. Defining activity measures…

A: Activity-based costing is a method of costing system which focuses on activities. In this method of…

Q: What is the right cost hierarchy in Activity-Based-Costing ABC Select one: O a. Organization,…

A: Activity based costing means costing method in which all indirect costs or overheads are allocated…

Q: Prime costs are: A) Direct Materials only B) Direct Labor and Overhead C) Direct Materials and…

A: Prime Cost:- It is the total of direct material and direct labor as these are those cost which is…

Q: 1. Compute an activity rate for each activity using activity-based costing.

A: Activity based costing means where the product is valued on the basis of actual direct material ,…

Q: The most important element of cost in manufacturing industries is Select one: O a. Labor O b.…

A: The cost of the manufacturing industries includes the cost which is involved in the production…

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Absorption (full) costing is a costing technique in which all the manufacturing costs including…

Q: Below are the different types of costing system except: a. overhead costing b. Traditional costing…

A: A costing system is used for the purpose of measuring or analyzing the costs in order to determine…

Q: Choose the three components of product cost from the list below.   a) Indirect material, direct…

A: Product costs seem to be the expenses involved in the production of goods that have been meant for…

Q: The three major cost components of manufacturing a product are,

A: Answer:(a) Manufacturing cost is the sum of costs of all used or consumed in the process of making a…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.