ACC 350 WK 3 QUIZ 2 CHAPTER 2 STRAYER

ACC 350 WK 3 QUIZ 2 CHAPTER 2 STRAYER
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ACC 350 WK 3 QUIZ 2 CHAPTER 2 STRAYER
ACC 350 WK 3 Quiz 2 Chapter 2 - Strayer
ACC 350 WK 3 Quiz 2 Chapter 2
 
1)
Products, services, departments, and customers may be cost objects.
Answer:
2)
Costs are accounted for in two basic stages: assignment followed by accumulation.
Answer:
3)
Actual costs and budgeted costs are two different terms referring to the same thing.
Answer:
4)
Accountants define a cost as a resource to be sacrificed to achieve a specific objective.
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5)
A cost object is always either a product or a service.
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6)
A department could be considered a cost object.
Answer:
7)
The same cost may be direct for one cost object and indirect for another cost object.
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8)
Assigning direct costs poses more problems than assigning indirect costs.
Answer:
9)
Improvements in information-gathering technologies are making it possible to trace more costs as direct.
Answer:
10)
Misallocated indirect costs may lead to promoting products that are not profitable.
Answer:
11)
The materiality of the cost is a factor in classifying the cost as a direct or indirect cost.
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12)
The cost of a customized machine only used in the production of a single product would be classified as a direct cost.
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13)
Some fixed costs may be classified as direct manufacturing costs.
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14)
The distinction between direct and indirect costs is clearly set forth in Generally Accepted Accounting Principles (GAAP).
Answer:
15)
Fixed costs have no cost driver in the short run, but may have a cost driver in the long run.
Answer:
16)
Costs that are difficult to change over the short run are always variable over the long run.
Answer:
17)
A decision maker cannot adjust capacity over the short run.
Answer:
18)
Fixed costs...