Under activity-based costing, selling and administrative expenses may be allocated using which of the following formulas for activity rate?
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- Compute the following: Operating income under variable (direct) costing method Operating income under absorption costing method Operating income under throughput costing methodIn an activity-based costing system, the first step in assigning costs is to • A. separate nonvalue-adding activities from value-adding activities. B. identify the appropriate activities for each function. • C. analyze all nonvalue-adding activities to determine if they are necessary support areas. D. accumulate costs for each activity.a predetermined application rate for conversion costs is based on actual conversion costs divided by a budgeted cost driver. True or False?
- In 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.The relevant range of activity costing is: Select one: O a. Is the cost that causes change in total cost for a cost object O b. Is the input or activity that causes change in total cost for a cost object O c. Is the incremental cost of an activity, such as producing a unit of goods or services O d. Is the span of activity levels for which the cost behaviour patterns holdExplain the following basic principles in cost management:a. profitsb. life cycle costsc. tangible cost and benefitsd. intangible costs and benefitse. direct and indirect costsf. reserves
- The predetermined indirect cost allocation rate is computed as total estimated indirect costs / total estimated amount of the allocation base. total amount of the allocation base / total estimated indirect costs. total estimated indirect costs + total estimated amount of the allocation base. total amount of the allocation base - total estimated indirect costs.(Management Accounting) When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A) the proportion of indirect costs to direct costs B) the extent a particular cost is caused by a cost object C) multiple cost drivers D) the proportion of direct costs to indirect costsThe number of units produced, or the number of units sold describes: a. Cost behavior b. Activity level c. Sales mix d. Contribution margin
- Matching Question: Match the following cost accounting objectives with their corresponding descriptions: A) Cost Control and Reduction B) Budgeting and Planning C) Performance Evaluation 1. Involves comparing actual costs with budgeted costs to assess efficiency. • Answer: 2. Focuses on implementing strategies to manage and minimize costs. • Answer: 3. Provides precise cost estimates for various activities, aiding in effective planning. • Answer: Match each objective with its appropriate description: A)..... B) C)For external-reporting purposes, GAAP require that net income be based on _______ costing method. a. absorption b. variable c. direct d. semi-variable e. activity basedWhich cost accounting method assumes that the cost of production is driven by the number of units produced? A. Activity-Based Costing (ABC)B. Standard CostingC. Absorption CostingD. Variable Costing