Which of the following is TRUE regarding the costs of toxic waste disposal, reclamation, and remediation that result from joint production processing? Select one: a. Toxic waste costs are a life-cycle cost that should be added to joint production costs prior to allocation. b. Disposal costs should be expensed, other costs charged to cost of goods sold. c. Toxic waste costs are treated in the same manner byproduct costs. d. All toxic waste costs should be expensed as do not form part of the product. e. The costs should be valued in inventory at net realizable value.

The cost of inventories shall comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Which of the following cost shall be included in the cost of inventories?     a. Administrative overheads that do not contribute to bringing inventories to their present location and condition. b. Abnormal amounts of wasted materials, labor or other production costs. c. Storage costs unnecessary in its production process. d. Import duties and other taxes, transport, handling and other costs directly attributable to the acquisition of finished goods, materials and services.

Which of the following expenditures cannot be included in R&D costs? a. indirect costsb. intangibles purchased from othersc. personnel costsd. contract services performed for others

Kindly answer questions 1-3: 1.) Discretionary costs are costs that must be incurred because of past decision, contractual agreement, and government regulations. a. true b. false 2.) Product costs: a. are always expensed in the same period in which they are incurred. b. are inventoriable costs. c. vary directly with changes in cost driver. d. are always charged to an asset account in the same period in which they are incurred. 3. Controllable costs are cost items which can be regulated depending on the level of management one is in. a. True b. False b. False

Which of the following is NOT correct about the classifications of costs? Select one: a. On the basis of time of computation, costs are classified into historical costs and pre-determined costs. b. Costs are classified as product costs or period costs according to their behaviour with respect to physical capacity usage of the company. c. Costs are classified into direct costs and indirect costs on the basis of their identifiability with cost units or jobs or processes or cost centres. d. Costs behave differently when level of production rises or falls, and based on this, the costs are classified as fixed, variable, or mixed costs.

When determining the cost of a manufactured good under an operation-costing system, a company would: A.trace direct-material cost and actual conversion cost to each product produced. B. trace direct-material cost to each product produced and use a predetermined application rate for conversion cost. C. trace actual conversion cost to each product produced and use a predetermined application rate for direct material. D. use a predetermined application rate for both direct-material cost and conversion cost. E. often switch to a job-costing system to simplify recordkeeping procedures.

Which of the following statements is true about byproduct costing?    Byproduct costs are allocated to the period in which they are produced    Byproduct costs are expensed in the period incurred    Byproduct costs are treated as a reduction of the main product's cost    Byproduct costs are allocated to the main product

Research and development activities may include (a) personnel costs, (b) materials and equipment costs, and (c) indirect costs. What is the recommended accounting treatment for these three types of R&D costs?

Which among the following alternative methods of costing is related to the best use of physical asset at the lowest cost of entity? a. Absorption Costing b. Life Cycle Costing c. Activity Based Costing d. Target Costing     The objective function is expressed in terms of: a. Symbols b. Numbers c. Special characters d. Decision variables

Which of the following is/are not true about Committed costs   a. They are costs incurred to maintain a company's facilities.   b. They are costs over which the management has little or no discretion.   c. Depreciation, Insurance, Taxes etc are examples of committed costs.   d. They are also known as Programmed costs.