QUESTION 11 Which of the following statements is correct: The collection of cost data in an organized way, such as in various categories such as materials, labor, and manufacturing overhead, is called cost tracing.

If the amount of costs is too small to be traced directly to cots objects, such costs are designated as indirect costs.

The determination of a cost as either direct or indirect depends upon the accounting standards.

Cost accumulation is the assignment of direct costs to the chosen cost object.