I-17.03 Click in the boxed areas to the right of each item below. A pick list will launch. Click on the pick list icon to reveal a drop-down menu of choices. Select the correct choice to turn the boxed area green. A simple description of activity-based costing is that it divides production into core activities, defines costs for those activities, and allocates costs to products based on consumption of: >>>> ABC abandons the traditional division of costs between products and: >>>> ABC cannot be used for GAAP reporting: GAAP requires: >>>>> With ABC, cost objects are limited to saleable products and services? >>>>> ABC identifies activities by type. Which type can relate to one or more units of output? >>>> With ABC, all costs must be identified, but are they necessarily allocated to an activity or cost object? >>>>> 7 Question 1 A simple description of activity based costing is that it divides production into core activities, dennes costs for those activities, and allocates costs to products based on consumption of O Activities O Costs O Products O All of the Above Question 2 ABC abandons the traditional division of costs between products and O Periods O Processes O Jobs O None of the Above Question 3 ABC cannot be used for GAAP reporting: GAAP requires: O Absorption Costing Direct Costing O Marginal Costing Variable Costing 1 pts 1 pts 1 pts. D Question 4 With ABC, cost objects are limited to saleable products and services? No Yes Depends None of the above D Question 5 ABC identifies activities by type. Which type can relate to one or more units of output? Batch Units O Products O Customers 1 pts 1 pts