FUNDAMENTAL ACCOUNTING PRINCIPLES
FUNDAMENTAL ACCOUNTING PRINCIPLES
25th Edition
ISBN: 9781264303236
Author: Wild
Publisher: MCG
Question
Book Icon
Chapter C, Problem 1QS
To determine

Fill in the blanks nest to following terms using descriptions given from a through d.

Expert Solution & Answer
Check Mark

Answer to Problem 1QS

Solution:

    DescriptionsTerms
    D. A task that causes a cost to be incurred.1. Activity
    A. Measurement associated with an activity.2. Activity driver
    B. A group of costs that have the same activity drivers.3. Cost pool
    C. Anything to which costs will be assigned.4. Cost object

Explanation of Solution

Cost Pool:

A group of cost related to an activity is called cost pool.

Activity:

It is a set of task which is performed by business which operates on activity basis.

Activity driver:

It is measure to determine the frequency and intensity of a particular activity.

Cost Object:

A cost object is the sole reason for incurring any kind of cost by a business.

Conclusion

The descriptions are placed according to the given terms.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education