Under variable costing, fixed manufacturing overhead is expensed at the time the units are produced. Under absorption costing, fixed manufacturing overhead is expensed at the time the units are sold. True or False True False

Underallocated overhead occurs when: A) allocated overhead costs are less than actual overhead costs. B) actual overhead costs are less than allocated overhead costs. C) estimated overhead costs are greater than budgeted overhead costs. D) estimated overhead costs are greater than actual overhead costs.

In activity-based costing, some manufacturing costs may be excluded from product costsTRUEFALSE

Which of the following is not a method of cost absorption? (a) Percentage of direct material cost (b) Machine hour rate (c) Labour hour rate (d) Repeated distribution method

If the actual overhead costs incurred are in excess of the applied overhead costs, the difference is called what?  a) Predetermined overhead rate b) Underapplied overhead c) Overapplied overhead d) Gross margin

f) ‘Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced.’ There are some statements about the process costing: An abnormal loss occurs when expected output exceeds actual output. The scrap value of an abnormal loss is credited to the process account. The allocated cost of an abnormal gain is credited to the process account. The inputs to a process less the normal loss is the expected output. The normal loss in a process is allocated a cost in order to reconcile the costs of inputs and outputs. The FIFO method assumes opening WIP is the first group of units to be completed. Therefore, opening WIP is charged separately to completed production and CPU is based on current period costs.   Required:   Please identify which of the above statements are false and explain the reasons.

ABC costing attempts to apply:  A) all manufacturing costs more accurately. B) manufacturing overhead more accurately.  C) both manufacturing overhead and nonmanufacturing overhead more accurately. D) raw material, direct labor and manufacturing overhead more accurately. only financial risks and opportunities

Which of the following is most likely to be true of the manufacturing overhead costs assigned to a product with relatively low volume and high complexity? O a. An ABC system will assign the same manufacturing overhead costs to the product as a volume- based system. O b. Avolume-based system will assign more manufacturing overhead costs to the product than an ABC system. O c. An ABC system will assign more manufacturing overhead costs to the product than a volume-based system. O d. An ABC system will assign manufacturing overhead costs to the product, while a volume-based system will not. e to search W 11:35 A D A dx ENG 22-05-2021 hp 141 brt se delete home end 96 - backspace num ask lock T 7V 8A 94 home Dg up K enter 5 0 pause ↑ shift 11 end alt ctrl SUt

the concept of a non-linear cost function which is usually used to predict the cost of labor who carries out a repetitive production process is called ...

A cost that would be included in product costs under both absorption costing and variable costing is:     supervisory salaries.     variable selling expenses.     factory rent.     variable manufacturing costs.