Which of the following statement is false?         Multiple Choice   a)The contribution margin income statement format separates costs according to cost

Q: explain why GAAP requires full absorption costing (instead of variable costing) if absorption…

A: Introduction:- i)Absorption costing:- Under the absorption costing, The following costs included in…

Q: Following GAAP, the income statement issued to in OA. be prepared in the contribution margin forma…

A: The three most important financial statements are enumerated as below:Income Statement Balance…

Q: 6. Conventional CVP analysis requires management to classify all costs as either with respect to…

A: Cost volume profit (CVP) analysis is an accounting technique of determining the effect of change in…

Q: When absorption costing is used a. management may be tempted to overproduce in a given period in…

A: Absorption costing is a method of calculating the cost of a product or enterprise by taking into…

Q: Cost assignment and cost accumulation are the two cost accounting system processes that helps…

A: Costing is the method of recording, all cost incurred in process of completing product project and…

Q: If the organization operates at an activity level outside the relevant range, any cost predictions…

A: Answer:-  Relevant range meaning:- The term "relevant range" describes a particular activity level…

Q: A) Semi-variable or semi-fixed costs (Mixed costs). These costs include both a direct of indirect…

A: Managerial accounting is the accounting process followed by a business for their better management.…

Q: What is a good response to this post? Being that the big difference between the two margins is…

A: POST:Being that the big difference between the two margins is mostly in fixed costs, this plays a…

Q: an accounting method that is used to predict profits. 2- ‏costing method that assigns overhead and…

A: Accounting can be defined as the process which helps to record, analyze, interpret, and reporting…

Q: Lancelot Group of Companies would like to estimate its cost function for proper cost management…

A: cost function is a function that uses the formula in order to predict the cost that will be…

Q: Absorption costing is intended for Select one: O a. None of the above O b. Outside distribution or…

A: Absorption Costing:-It refers to the method of costing to account for all the costs of…

Q: Which of the following statements are false regarding Activity-Based Costing? Select one: O A.…

A: Solution:Correct answer : (d) Activity-based Costing follows the same basic calculation methods as…

Q: Which of the following is NOT true about the cause-and-effect criterion when estimating a cost…

A: The cause and effect analysis is one of the factors for making cost allocation decisions. The cost…

Q: 2) Many firms have decided to use marginal costing to prepare the income statement. Please briefly…

A: Marginal Costing is a costing technique wherein the marginal cost, i.e. variable cost is charged to…

Q: Fixed costs depend on the: Select one: a. amount of resources acquired b. amount of resources used…

A: Since you have posted multiple questions, we will do the first one for you. Please post the other…

Q: First: The inventory value shown on the balance sheet is generally higher under absorption costing…

A: Under variable costing, product cost consists of only variable manufacturing costs.  Under…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: TRUE OR FALSE When absorption costing is used for external reporting, variable costing can still be…

A: There are various approaches which can be prepared for reporting purpose. Two of which are variable…

Q: The term "relevant range" means the range over which: a particular cost formula is valid. production…

A: Lets understand the basics.Cost accounting is that branch of accounting in which all costs incurred…

Q: Under variable costing system only those costs of production that vary (variable) with production…

A: Variable costing is also called marginal costing. Under variable costing all variable cost that is…

Q: Cost-volume-profit analysis (CVP Analysis) requires management to classify all costs as either…

A: Cost volume profit analysis (CVP Analysis) helps the business entity in determining the impact on…

Q: Firms may choose to use absorption costing or variable costing for external financial reporting…

A: Absorption costing: Absorption costing includes all manufacturing costs, both variable and fixed, in…

Q: Which of the following is/ are considered as the uses of standard costing?   Statement 1:…

A: Introduction:- Standard Costing:- The practice of estimating the cost of a production process is…

Q: Indirect and common costs often make up a significant portion of the cost of a product. All of the…

A: Indirect costs are expenses that support the overall operation of a business and must be allocated…

Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners…

A: Solution: "Reporting to owners"  is not a function of Cost Accounting. This is because the functions…

Q: Each incorrect answer cancels out each correcr one. Indicate which of the following statements are…

A: 1. Indirect costs are those factors whose increase or decrease is not related to changes in the…

Q: The high-low method used in determining costs can be used to estimate the cost queation using just…

A:

Q: c) Why do the Total Cost Method and the Cost of Sales Method lead to the same Operating Result?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Joint cost CO

A: Joint cost is the cost of producing two or more products at same time.

Q: not easily traceable and are allocated to a cost object u not abbreviate or add any extra spacing in…

A: Direct costs refer to those expenses which can be directly related to a product or a service.

Q: Which of the following statements is true? O a. Activity-based costs per unit are always greater…

A: The volume based costing represents the cost allocation to a single cost pool. The high volume…

Q: Which of the following line items will not be found in the absorption costing income statement?…

A: The objective of the question is to identify which line item among the given options will not be…

Q: Which format of the Income Statement is appropriate for financial reporting? O Variable costing O…

A: The appropriate format for the Income Statement for financial reporting is typically the Absorption…

Q: In Classification Of Cost (Marginal costs) What Is A Business Situational Example of the ff:…

A: Cost is the amount which is spend to sold the goods or to provide the service. It is comprises of…

Q: 'Direct costs are treated differently under the ABC method than under the traditional full costing…

A: Costs consists of two main types – direct costs and indirect costs.   Direct costs include costs…