Instead of using a job cost sheet, production reports are prepared for each department (or process) to accumulate costs of production and to account for units worked

True

False

Managers also need to know whether costs can be traced to specific cost objects - this Relevance

True

False

Activity-based costing uses a number of activity cost pools, each of which is allocated to products on the basis of direct labour-hours.

True

False

Initially labour hours moved in direct proportion to overhead costs.

True

False

Job-order costing is used in manufacturing companies and process costing is used in service firms.

True

False

Which of the following costs is often important in decision making, but is omitted from conventional accounting records?

b. Sunk cost.

a. Fixed cost.

c. Opportunity cost.

d. Indirect cost.

The costing approach that meets the requirements of financial accounting and tax reporting requirements is:

variable costing

standard costing

absorption costing

throughput costing

FIFO Method combines beginning work in process inventory with current periods units and costs

True

False

Equivalent units are extensively used and found in finished products inventory.

True

False

In a job-order costing system, manufacturing overhead applied is recorded as a debit to:

Raw Materials inventory.

Finished Goods inventory.

Work in Process inventory.

Cost of Goods Sold.

The main idea underlying the lean business model is the elimination of Waste.

True

False

Please give answer as soon as possible