Ch 2, 3, 4, 5 wrong answers Flashcards
Period costs are?
All costs in the income statement other than cost of
goods sold
Inventoriable costs are?
Recorded as assets when incurred
The primary focus of cost management is to
Help managers make different decisions
Which of the following is not a factor in cost-volume-profit analysis? A. Units sold B Selling price C. Total variable costs D. Fixed costs of product
C total variable costs
A company that manufactures dentures (single item) for use by local dentists would use?
Job costing
The first step in the seven-step approach to job costing is to?
Identify the job that is the chosen cost object
Production-cost subsidization results from?
Assigning broadly averaged costs across multiple
Products without recognizing amounts of resources
used by which products
In a refining cost system?
The criterion of cause and effect is used to relate
Indirect costs to factor that systematically links to
A cost object
A significant limitation of activity based costing is the…
Operations staff’s attitude toward the accounting staff
If manufacturing overhead is over allocated, would the adjustment entry increase or decrease cost of goods sold?
Decrease
