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not easily traceable and are allocated to a cost object u not abbreviate or add any extra spacing in your answer

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 13Q: What advantage does the FIFO cost method have over the average cost method relative to providing...

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Concept explainers

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

costs are easily traceable to a cost object such as a product, service, or department.
costs are not easily traceable and are allocated to a cost object using a predetermined
rate. (Do not abbreviate or add any extra spacing in your answers.)

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Which of the following is a correct statement? Check only those that are correct. Choose All That Apply Cost tracing is when a cost is attributed directly to a cost object.Cost tracing is when a cost is attributed directly to a cost object. Cost accumulation is the process of gathering cost information about each cost object.Cost accumulation is the process of gathering cost information about each cost object. Cost allocation is when a cost is applied or assigned to a cost object based on a certain factor.Cost allocation is when a cost is applied or assigned to a cost object based on a certain factor. Cost object is anything for which you are trying to gather (accumulate) cost information.
The definition of the cost is the collection of cost data in some organized way by means of an accounting system. Select one: True False
true of false: A collection of costs to be assigned is called a cost pool.
TRUE OR FALSE A cost function is useful only in an activity-based costing system.
True or False. Direct costs can be specifically traced to a cost object.
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Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also known as unavoidable costs.
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