All depreciation on factory assets is recorded as an expense of the period.

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True

False

The depreciation cost for a manufacturing building is an example of a committed fixed cost:

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True

False

ABC is generally more costly to implement than traditional costing.

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True

False

The wheels on an automobile are classified as a variable cost with respect to the volume of cars produced in an automobile assembly plant.

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True

False

The process of assigning cost to inventories as they are converted from raw material to finished goods is called product costing.

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True

False

In process costing, each accounting period is actually equivalent to a unique job in a job costing system.

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True

False