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Which of the following statements is incorrect: Materiality of costs affects direct versus indirect cost classification. The collection of cost data in an organized way,
Which of the following statements is incorrect:
Materiality of costs affects direct versus indirect cost classification.
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The collection of cost data in an organized way, such as in various categories such as materials, labor, and manufacturing overhead, is called cost accumulation. | ||
The determination of a cost as either direct or indirect depends upon the accounting standards.
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Cost tracing is the assignment of direct costs to the chosen cost ob |
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