Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs that we know are direct.” Do you agree? Why? Please be specific in supporting your position.
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- List the acceptable cost flow assumptions under IFRS. Be sure to explain the reasoning as to why IFRS find certain cost flow assumptions unacceptable.Which of the following statements is false? (You may select more than one answer.)a. Under some circumstances, a sunk cost may be a relevant cost.b. Future costs that do not differ between alternatives are irrelevant.c. The same cost may be relevant or irrelevant depending on the decision context.d. Only variable costs are relevant costs. Fixed costs cannot be relevant costs.Demonstrate why expressing fixed costs on a per unit of activity basis is misleading and may result in faulty decisions.
- Cost allocation bases are ideally based on a cause and effect basis. That is not always easy when allocating fixed costs. Why might this be so?"ABC systems may result in misallocation of indirect costs."Do you agree? Give reasons for your answerIf the organization operates at an activity level outside the relevant range, any cost predictions based on data from the relevant range may not be very accurate. True or False?
- One cost that is irrelevant in decision making is a sunk cost Group of answer choices True FalseWhat is the definition of cost? Please explain it clearly and don't plagiarized, thank youThe following statements are incorrect, excepta. Cost is the same with expense.b. All costs require at least an outlay of resources.c. Different cost concepts and classifications are used for different purposed. none of the abovee. answer not given
- Explain why all costs are controllable by someone at some time but in the short run some costs may be classified as noncontrollable.Which of the following statements is true? Consistency demands that a cost that is relevant in one decision be regarded as relevant in other decisions as well. Variable costs are always relevant costs in decisions.Consider the following statements concerning costs. 1. A committed cost cannot vary with the decision. 2. An outlay cost cannot vary with the decision. Are the above statements true or false?