Which of the following is not a characteristic of a process costing system? Multiple Choice Continuous flow of production steps. Similar products Custom products Mass production. High level of standardization

how traditional costing switch over activity based costing

Which of the following statements about overhead allocation based on volume alone is correct? Select one: a. It will systematically overcost high-volume products and undercost low-volume products. b. It must be used for external financial reporting. c. It will systematically overcost low-volume products and undercost high-volume products. d. It is a key aspect of the activity-based costing model.

Which of the following product costing systems is normally used to assign costs to goods that are produced in unique batches? Fixed costing Job costing Process costing LIFO costing

What is a key difference between variable costing and absorption costing?   a. The usage of homogenous cost pools.   b. The classification of fixed factory overhead.   c. classification of direct materials and labor.   d. The choice of allocation base.

ABC 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.

In Traditional product costing systems, the measure of product activity is usually some volume based cost driver, like direct labor hours. True or False?

Which of the following statements is true? O The first step in activity-based costing is to assign overhead costs to products using cost drivers ABC usually results in less appropriate management decisions Activity-based costing allocates overhead to multiple activity cost pools and assigns the cost pools to products using cost drivers O Traditional costing systems use multiple predetermined overhead rates

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

Process costing is an effective method to identify resource and logistics costs. Please respond to the following: Discuss the specific steps you would take to design a process costing system that effectively identifies resource and logistics costs of a manufactured product.