Indirect costs are known as: (a)  Avoidable costs (b)  Overheads (c)  Incremental costs (d)  Sunk costs

Q: Product costs are also called Select one: O a. Indirect material costs. O b. Indirect Labor costs. O…

A: Cost are basically divided between two category: 1. Product Costs 2. Period costs

Q: Which one of the following is a fixed cost? a. Raw material costs b. Salary with commission c.…

A: A fixed cost is one that does not adjust in the short term, even though a company's sales volume or…

Q: QUESTION 12 Raw material and direct labor costs are examples of ____.   a. fixed costs   b.…

A: Raw material and direct labor costs are used directly for the production and operation. So as it is…

Q: Can you classify the expenses listed as Variable or Fixed Costs

A: Variable costs are those costs that change with the change in production. Whereas, fixed cost are…

Q: When Total Contribution magrin equals total fixed costs, this indicates operating income True…

A: If the contribution margin is equal to the total fixed cost that means it a situation of the…

Q: Which of the following does NOT form a part of Total cost? A. Production overheads B. Factory…

A: Total cost involves all the cost incurred in order to reach a particular level of output.

Q: relevant costs are always: a.variable costs b.avoidable costs c.sunk costs d.fixed costs

A: Relevant costs are the cost that describes the avoidable costs that are incurred for making specific…

Q: TRUE OR FALSE Activities become the fundamental cost accumulation point.

A: Answer:   Activities become the fundamental cost accumulation point.   The statement is TRUE

Q: he following statements is true? bsorption costing treats fixed overhead as an expense in the period…

A: The income statement is prepared using various methods as absorption costing and variable costing.…

Q: Programmed costs are also known as O sunk costs O differential costs O standard costs Omanaged costs

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Under-allocated manufacturing overhead costs are always the result of which of the following…

A: Under Allocated manufacturing overhead occurs when Applied overhead are less than the actual…

Q: The marginal cost is: Select one: a. Is the incremental cost of an activity, such as producing a…

A: Marginal cost refers to the additional cost.

Q: nder variable costing, which of the following costs are treated as period costs?

A: Variable costing:- It is a concept used in cost and managerial  accounting. In which the fixed…

Q: Direct Labour cost is basic differecne betweed marginal & absorbtion costing     FALSE     TRUE…

A: Marginal costing includes only variable cost and absorption costing includes both the variable and…

Q: There are three categories of costs: fixed costs, variable costs and semi-variable costs. Which of…

A: Semi-variable cost includes both fixed and variable costs. In this, most of the part is fixed but…

Q: Which of the following statement is correct for relevant costs? a. It is avoidable, future and…

A: Relevant cost are those costs which are relevant for decision making. A cost is judged to be…

Q: A. What is the net income under variable costing method? B. What is the net income under absorption…

A: solution : What is the net income under variable costing method?   Units 10000 Sales…

Q: How are costs assigned differently using the average cost method?

A: Inventory valuation is the valuation of inventory at the time of its purchase and sale using…

Q: Product costs are also called: * Direct costs. Overhead costs. Manufacturing overhead costs None of…

A: Product cost includes, Cost which is arises to manufacture a product directly i.e  Direct Material ,…

Q: A cost which changes in proportion to changes in volume of activity is called a: *       a. fixed…

A: Costs are the expenses or amounts incurred in the business for manufacturing or selling of products.…

Q: Variable manufacturing overhead costs are treated as period costs under both absorption and variable…

A: Variable manufacturing overhead cost is treated as product cost under both absorption and variable…

Q: What type of cost is included in economic costs, but not included in accounting costs?a. Explicit…

A: Economic costs are the costs in which consideration is given to opportunity costs as well.

Q: Direct costs can be referred to as fixed costs. True or False?

A: Cost are divided into two parts which are, (1) Direct cost (2) Indirect cost Direct costs are the…

Q: In CVP Analysis, total costs are defined as costs derived from product costs and period costs. TRUE…

A: Cost-volume-profit analysis is used to determine how the company's profit has been affected due to…

Q: a) Why are neutral expenes eliminated and imputed cost added to derivee cost from expenses

A: Deriving the cost from expenses is necessary to ascertain the exact cost incurred and to…

Q: Marginal Costing refers to product costing methods that exclude ________ from product costs a)…

A: Using marginal costing, only variable costs are included in product cost.

Q: A price that can't be quickly or efficiently linked to a cost object is referred to as: Additional…

A: The costs that are easily tracked to the product are known as the traceable costs. Special domestic…

Q: prime cost are indirect materials ,indirect labor and other indirect expenses * True False

A: Solution- A prime cost is the total direct costs of production, including raw materials and labor.…

Q: Production cost under marginal costing includes [A] prime cost only [B] prime cost and fixed…

A: Under marginal costing, Fixed costs are not considered while calculating production cost. Marginal…

Q: Direct Labor would be considered a?   Group of answer choices Mixed Cost Step Cost Variable Cost…

A: The manufacturing companies would be under go many costs which will be directly related to…

Q: Distinguish between fixed and variable costs while dealing with semi-variable expenses.

A: Fixed and variable costs: The term "variable cost" refers to a cost subject to change based on the…

Q: Activity based costing system differs from traditional costing systems in the treatment of, A)…

A: Direct costs are the cost that can be traced on the process and production of goods.

Q: The difference between marginal costing and absorption costing net income centres on how to account…

A: Absorption costing means that inventory is valued at total manufacturing cost including fixed…

Q: A mixed cost contains a. a variable element and a fixed element. b. both selling and administrative…

A: Mixed costs are that cost which contain a portion of both fixed and variable costs. Common examples…

Q: Fixed overhead costs that will continue regardless of a make-or-buy decision are ________ to the…

A: It is pertinent to note that fixed cost is the cost irrespective of the level of activity.  Example…

Q: A factor that causes or leads to a change in a cost or activity is a(n) a. slope. b. intercept. c.…

A: (a) Costs are the expenditures that are incurred in the business for manufacturing or selling of…

Q: Underallocated overhead occurs when: A) allocated overhead costs are less than actual overhead…

A: 1. Under allocated overhead - When actual manufacturing costs are more than allocated cost. 2. Over…

Q: :Under activity-based costing, the process of assigning costs to cost objects is called First stage…

A: Activity-Based Costing:- It is a method of assigning overhead and indirect costs such as salaries…

Q: In Classification Of Cost, What Is A Business Situational Example of the ff:

A: Cost refers to the amount spent by the business on the purchase of raw materials, supplies,…

Q: Which of the following statements is true? (You may select more than one answer.)a. Conversion costs…

A:

Q: Which of the following statements describes variable costs?A. Costs that vary on a per-unit basis as…

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

Q: A cost that has characteristics of both a varlable cost and a fixed cost is called a Oa,…

A: Reason:- Mixed cost refers to the cost which is a combination or mix of both fixed cost and variable…

Q: Define the terms Cost Costing Cost Accounting

A: The Question has covered the various Concept related to the costing. The Detailed Explanation of…

Q: Indirect cost is the cost that cannot be directly attributed to the production as these costs are…

A: Cost is the amount incurred in the regular course of the business. It may be direct or indirect.

Q: What is the term used to describe costs that increase in steps? A. Variable costs B. Fixed costs…

A: Cost is referred as the essential part of the business or a company which looks after the costs such…