ACCT 2102: Chapter 12 SB | Questions and Answers 2024
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Course
Accounting and Finance
Institution
Accounting And Finance
ACCT 2102: Chapter 12 SB
To determine the cost of a particular object, accountants use cost ____ ** Answ** accumulation
The measure that has a cause-and-effect relationship with a cost object is called a cost _____ ** Answ** driver
Because costing decisions are often made befor...
ACCT 2102: Chapter 12 SB
To determine the cost of a particular object, accountants use cost ____ ** Answ**
accumulation
The measure that has a cause-and-effect relationship with a cost object is called a cost
_____ ** Answ** driver
Because costing decisions are often made before costs are incurred, managers rely on
** Answ** estimated costs
In which situations are managers likely to rely on estimated, rather than actual, cost
data? ** Answ** bid on contracts, set goals, distribute resources, plan production
The process of assigning direct costs to cost objects is called cost ____ ** Answ**
tracing
Cost accumulation begins with identifying the cost _____ ** Answ** objects
Costs that cannot be easily traced to cost-objects in a cost-effective manner are called
_____ costs ** Answ** indirect
Another name for indirect costs is _____ costs ** Answ** overhead
Managers often use estimated, rather than actual, costs because ** Answ**
decisions are made before actual costs are available
A direct cost can be classified as ** Answ** fixed or variable
In which situations are managers likely to rely on actual, rather than estimated, cost
data ** Answ** Evaluate performance and prepare financial reports
A cost that supports multiple cost objects is called a _______ cost ** Answ**
common
The process of assigning direct costs to cost objects is called ** Answ** tracing
Costs that can be easily influenced by a manager's decision and actions are called
______ costs ** Answ** controllable
Allocation base is another name for ** Answ** cost driver
Whether a cost is direct or indirect depends on whether it is fixed or variable ** Answ**
false
A cost that supports multiple cost objects is called an ____ cost ** Answ** common
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