Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
22nd Edition
ISBN: 9781259582394
Author: Wild
Publisher: MCG
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Chapter C, Problem 1QS
To determine
To match the terms and description.
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In the blank next to the following terms, place the letter A through D corresponding to the best description of that term. 1. Activity 2. Activity driver 3. Cost pool 4. Cost object A. Measurement associated with an activity. B. A group of costs that have the same activity drivers. C. Anything to which costs will be assigned. D. A task that causes a cost to be incurred.
Cost estimation is the process of
a. Summarizing pwst costs into fixed variable components.
b.Estimating the relationship between costs and the costs drivers that cause those costs.
c. Documenting costs in terms of direct and indirect costs.
d. All of the choices
help me to answer with supportin gcomputation
What is the total amount of costs that will be expensed when incurred?
Chapter C Solutions
Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
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- Explain how a scatter graph is used to identify and measure cost behavior.arrow_forwardWhich is not a task typically associated with ABC systems? A. calculating the overhead application rate for each cost pool B. applying a single cost rate C. identifying a cost driver D. more correctly allocating overhead costsarrow_forwardIdentify appropriate cost drivers for these cost pools: A. setup cost pools B. assembly cost pool C. supervising cost pool D. testing cost poolarrow_forward
- Identify appropriate cost drivers for these cost pools: A. material cost pool B. machine cost pooi C. painting cost pool D. maintenance cost poolarrow_forwardComplete the information in the cost computations shown here:arrow_forwardWhen is an activity-based costing system better than a traditional allocation system?arrow_forward
- Discuss the history of ABC method (Use references if you use any) Define the following with examples: a) Activity Rate b) Cost Driverarrow_forwardA cost allocation rule is the method or process used to assign the costs in the ________ to the ________.cost object; cost poolcost pool; cost objectcost pool; opportunity costcost allocation; cost poolarrow_forwardABC costing attempts to: O A. classify as many costs as indirect costs as is feasible. OB. identify the activities involved in a process. create as many cost pools as possible. O C. O D. seek a lesser level of detail.arrow_forward
- Which of the following represent the right process order for cost allocation: Select one: O a. Develop the cost allocation formula, calculate the indirect cost rate, then allocate cost to the cost object O b. Develop the cost allocation formula, allocate cost to the cost object, then calculate the indirect cost rate O C. Allocate cost to the cost object, develop the cost allocation formula, then calculate the indirect cost rate O d. Calculate the indirect cost rate, develop the cost allocation formula, then allocate cost to the cost objectarrow_forwardIn the first stage of ABC, a cost driver is selected for each activity cost pool. True or False?arrow_forwardIn a two-stage activity-based costing model, stage one involves Select one: O O A. assigning activity costs to cost objects. B. assigning indirect resource costs to activity pools. C. measuring the various indirect resource costs and determining resource drivers. D. assigning direct costs to cost objects.arrow_forward
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