he following statements are incorrect, except a. 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 purpose d. none of the above
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The following statements are incorrect, except
a. 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 purpose
d. none of the above
e. answer not given
Step by step
Solved in 3 steps
- Explain how the high-low method is used for cost estimation. What, if any, are the limitations of this approach to cost estimation?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.Which statement is correct regarding IFRS?(a) An advantage of the nature-of-expense method is that it is simple to apply because allocations of expense to different functions are not necessary.(b) The function-of-expense approach never requires arbitrary allocations.(c) An advantage of the function-of-expense method is that allocation of costs to the varying functions is rarely arbitrary.(d) IFRS requires use of the nature-of-expense approach.
- 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?Which of the following statements is true? (You may select more than one answer.)a. A common cost is one type of direct cost.b. A sunk cost is usually a differential cost.c. Opportunity costs are not usually recorded in the accounts of an organization.d. A particular cost may be direct or indirect depending on the cost object.Allocating common costs to individual segments does not make the allocated amount avoidable in the future. True False
- The distinction between indirect and direct costs depends on: Select one: a. whether a cost differs between alternatives. b. whether a cost is variable or fixed. c. whether a cost is a product or a period cost. d. whether a cost can be easily traced to the cost object under consideration. e. all of the above statements are correct.Wrong allocation of common costs lead to A. Inaccurate estimation of cost of products or services B. Under utilization of capacity C. Lower profit margin D. All of the above are correctIn a decision analysis situation, which one of the following costs is generally not relevant to the decision?A. Differential cost.B. Avoidable cost.C. Incremental cost.D. Historical cost.
- "ABC systems may result in misallocation of indirect costs."Do you agree? Give reasons for your answerWhich type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making? Group of answer choices A. avoidable costs B. unavoidable costs C. sunk costs D. differential costsWhat is the definition of cost? Please explain it clearly and don't plagiarized, thank you