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