54) In Job Order costing, we track costs by department True False

15) Overhead costs tend to fluctuate with changes in the volume of units produced from period to period. True False

23) Machine set up time is considered for ABC Costing True False

19) The costing approach that meets the requirements of financial accounting and tax reporting requirements is: Variable Throughput Absorption Direct

41) Standard costing is a component of the Lean Business Model True False

43) Process costing would be appropriate for each of the following except? a. shoe production. b. Oil refining. c. milk production. d. newsprint production.

37) The Seller has total control over the price of his product. True False

16) Job-order costing is used in manufacturing companies and process costing is used in service firms. True False

50) A Material requisition form is used to purchase materials from the vendor. True False

53) In ABC Costing, there is no difference between Actual and Applied overheads True False

24) Financial accounting is forward-looking True False

48) Job Order costing is used for the manufacture of oil. True False

46) If the opening stock is 100 units, Purchases are 50 units and you consumed 60 units, how much is your closing stock 210 110 90 Cannot be determined

36) if the quantity of products sold increases, the Total fixed cost stays the same. True False

22) ABC Costing recognizes increased use of machinery True False