Provide two reasons for an outdated costing system.
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Provide two reasons for an outdated costing system.
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- Disadvantages of activity-based costing include which of the following? a. It is not acceptable under GAAP for external reporting. b. It can be costly to implement. c. It can be used in activity-based management. d. Both a. and b.Explain why a costing system that uses a volume-based rate is likely to produce distorted productcostsDiscuss the importance of fixed cost and variable cost with respect to special orders. How might failure to identify a fixed cost impact the decision to accept or reject a special order?
- List at least two positive and two negative features of standard costing systems.Which of the following is a limitation of activity-based costing? More cost pools Poorer management decisions Less control over overhead costs Some arbitrary allocations continue“In decision making, full (absorption) costing approach has become entirely useless as it leads to wrong decisions”. Provide examples and evaluate the statement.
- Discuss how traditional methods of allocating overhead to products may not provide a good measure of overhead resources used. How might activity based costing overcome these limitations?Marginal costing can provide useful information for decision-making. However, there are limitations to its usefulness. Identify and briefly explain three of the limitations.”“In accounting for spoiled units, we are dealing with cost assignment rather than cost incurrence.”Explain.
