Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 Classifying a cost as either direct or indirect depends upon. a. whether the cost is expensed in the period in which it is incurred

2 Classifying a cost as either direct or indirect depends upon. a. whether the cost is expensed in the period in which it is incurred b. whether a cost is fixed or variable c. whether the cost can be traced to a particular cost object in an economically feasible way d. the behavior of the cost in response to volume changes Moving to another question will save this response. Define cost object and give three examples. A cost object is a. a resource sacrificed or forgone to achieve a specific objective. Examples include direct materials, direct labor, and advertising b. the collection of cost data in some organized way by means of an accounting system. Examples include accumulated costs overhead, and direct labor c. anything for which a separate measurement of costs is desired. Examples include a product, a service, and a customer. d. a cost incurred (historical or past costs as distinguished from a budgeted cost, which is a predicted or forecasted cost (a future costs. Examples include materials labor, and overhead Moving to another question will save this responseimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Construction Accounting And Financial Management

Authors: Steven J. Peterson

4th Edition

0135232872, 978-0135232873

More Books

Students also viewed these Accounting questions

Question

4. What is the goal of the others in the network?

Answered: 1 week ago

Question

2. What we can learn from the past

Answered: 1 week ago