cost accounting test bankCh05.docx
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cost accounting test bankCh05.docx
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costaccountingtestbankCh05
CHAPTER5
ACTIVITY-BASEDCOSTINGANDACTIVITY-BASEDMANAGEMENT
TRUE/FALSE
1.Atop-sellingproductmightactuallyresultinlossesforthecompany.
Answer:
TrueDifficulty:
2Objective:
1
TermstoLearn:
productundercosting
2.Companiesthatundercostproductswillmostlikelylosemarketshare.
Answer:
FalseDifficulty:
2Objective:
1
TermstoLearn:
productundercosting
Companiesthatovercostproductswillmostlikelylosemarketshare.
3.Ifacompanyundercostsoneofitsproducts,thenitwillovercostatleastoneofitsotherproducts.
Answer:
TrueDifficulty:
2Objective:
1
TermstoLearn:
product-costcross-subsidization
4.Directcostsplusindirectcostsequaltotalcosts.
Answer:
TrueDifficulty:
1Objective:
2
TermstoLearn:
activity-basedcosting(ABC)
5.Whenrefiningacostingsystem,acompanyshouldclassifyasmanycostsaspossibleasindirectcosts.
Answer:
FalseDifficulty:
1Objective:
2
TermstoLearn:
refinedcostingsystem
Whenrefiningacostingsystem,acompanyshouldclassifyasmanycostsaspossibleasdirectcosts.
6.Inahomogeneouscostpool,allcostshaveasimilarcause-and-effectrelationshipwiththecost-allocationbase.
Answer:
TrueDifficulty:
1Objective:
2
TermstoLearn:
activity-basedcosting(ABC)
7.Indirectlaboranddistributioncostswouldmostlikelybeinthesameactivity-costpool.
Answer:
FalseDifficulty:
2Objective:
2
TermstoLearn:
activity-basedcosting(ABC)
Indirectlaboranddistributioncostswouldnotbeinthesameactivity-costpoolbecausetheircostdriversareverydissimilar.Acostdriverofindirectlaborwouldincludedirectlaborhours,whileacostdriverofdistributioncostswouldinclude,forexample,cubicfeetofcargomoved.
8.Activity-basedcostinghelpsidentifyvariousactivitiesthatexplainwhycostsareincurred.
Answer:
TrueDifficulty:
1Objective:
2
TermstoLearn:
activity-basedcosting(ABC)
9.Directtracingofcostsimprovescostaccuracy.
Answer:
TrueDifficulty:
1Objective:
2
TermstoLearn:
activity-basedcosting(ABC)
10.Anactivity-basedcostingsystemisnecessaryforcostingservicesthataresimilar.
Answer:
FalseDifficulty:
1Objective:
3
TermstoLearn:
activity-basedcosting(ABC)
Anactivity-basedcostingsystemisonlynecessarywhenservicesaredissimilaranddifferentamountsofresourcesareusedbyeachservice.
11.Traditionalsystemsarelikelytoundercostcomplexproductswithlowerproductionvolume.
Answer:
TrueDifficulty:
2Objective:
3
TermstoLearn:
productundercosting
12.Foractivity-basedcostsystems,activitycostsareassignedtoproductsintheproportionofthedemandtheyplaceonactivityresources.
Answer:
TrueDifficulty:
2Objective:
3
TermstoLearn:
activity-basedcosting(ABC)
13.Unit-levelmeasurescandistortproductcostingbecausethedemandforoverheadresourcesmaybedrivenbybatch-levelorproduct-sustainingactivities.
Answer:
TrueDifficulty:
2Objective:
4
TermstoLearn:
outputunit-levelcosts,batch-levelcosts,product-sustainingcosts
14.Usingmultipleunit-levelcostdriversgenerallyconstitutesaneffectiveactivity-basedcostsystem.
Answer:
FalseDifficulty:
2Objective:
4
TermstoLearn:
outputunit-levelcosts
Inadditiontounit-levelcostdrivers,aneffectiveactivity-basedcostsystemusuallyusesbatch-level,product-sustaining,andfacility-sustainingcostdrivers.
15.Misleadingcostnumbersarelargerwhenunit-levelassignmentsandthealternativeactivity-cost-driverassignmentsareproportionatelysimilartoeachother.
Answer:
FalseDifficulty:
2Objective:
4
TermstoLearn:
outputunit-levelcosts
Misleadingcostnumbersarelargerwhenunit-levelassignmentsandthealternativeactivity-cost-driverassignmentsareproportionatelydissimilartoeachother.
16.Availabilityofreliabledataandmeasuresshouldbeconsideredwhenchoosingacost-allocationbase.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
activity-basedcosting(ABC)
17.Whendesigningacostingsystem,itiseasiesttocalculatetotalcostsfirst,andthenper-unitcosts.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
activity-basedcosting(ABC)
18.ABCsystemsattempttotracemorecostsasdirectcosts.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
activity-basedcosting(ABC)
19.ABCsystemscreatehomogeneouscostpoolslinkedtodifferentactivities.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
activity
20.ABCsystemsseekacostallocationbasethathasacause-and-effectrelationshipwithcostsinthecostpool.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
activity-basedcosting(ABC)
21.Forserviceorganizations,activity-basedcostsystemsmaybeusedtoclarifyappropriatecostassignments.
Answer:
TrueDifficulty:
1Objective:
5
TermstoLearn:
activity-basedcosting(ABC)
22.ABCrevealsopportunitiesforimprovingthewayworkisdone.
Answer:
TrueDifficulty:
1Objective:
6
TermstoLearn:
activity-basedmanagement(ABM)
23.Activity-basedmanagementreferstotheuseofinformationderivedfromABCanalysistoanalyzeandimproveoperations.
Answer:
TrueDifficulty:
1Objective:
6
TermstoLearn:
activity-basedmanagement(ABM)
24.InformationderivedfromanABCanalysismightbeusedtoeliminatenonvalue-addedactivities.
Answer:
TrueDifficulty:
1Objective:
6
TermstoLearn:
activity-basedmanagement(ABM)
25.Department-costingsystemsareafurtherrefinementofABCsystems.
Answer:
FalseDifficulty:
1Objective:
7
TermstoLearn:
activity-basedcosting(ABC)
ABCsystemsareafurtherrefinementofdepartment-costingsystems.
26.ABCsystemsareusefulinmanufacturing,butnotinthemerchandisingorserviceindustries.
Answer:
FalseDifficulty:
1Objective:
7
TermstoLearn:
activity-basedcosting(ABC)
ABCsystemscanbeusefulinmanufacturing,merchandising,andserviceindustries.
27.CostingsystemswithmultiplecostpoolsareconsideredABCsystems.
Answer:
FalseDifficulty:
2Objective:
7
TermstoLearn:
activity-basedcosting(ABC)
TheuniquenessofABCsystemsisnotsimplymultiplecostpools,butthatthecostpoolseachrelatetodifferentactivities.
28.ABCsystemsalwaysprovidedecision-makingbenefitsthatexceedimplementationcosts.
Answer:
FalseDifficulty:
1Objective:
8
TermstoLearn:
activity-basedcosting(ABC)
ABCsystemdecision-makingbenefitsdonotalwaysexceedimplementationcosts.Thisissueneedstobeevaluatedandifthecostsexceedthebenefits,thenanABCsystemshouldnotbeimplemented.
29.TheprimarycostsofanABCsystemarethemeasurementsnecessarytoimplementthesystem.
Answer:
TrueDifficulty:
1Objective:
8
TermstoLearn:
activity-basedcosting(ABC)
30.Simplybecauseactivity-basedcostingsystemsemploymoreactivity-costdrivers,theyprovidemoreaccurateproductcoststhantraditionalsystems.
Answer:
FalseDifficulty:
2Objective:
8
TermstoLearn:
activity-basedcosting(ABC)
Whentherearemoreactivity-costdrivers,thereisalsomoreroomforerror,whichmaynotresultinmoreaccurateproductscosts.
MULTIPLECHOICE
31.Ifproductsarealike,thenforcostingpurposes:
a.asimplecostingsystemwillyieldaccuratecostnumbers
b.anactivity-basedcostingsystemshouldbeused
c.multipleindirect-costratesshouldbeused
d.varyingdemandswillbeplacedonresources
Answer:
aDifficulty:
1Objective:
1
TermstoLearn:
activity-basedcosting(ABC)
32.Undercostingaparticularproductmayresultin:
a.lossofmarketshare
b.lowerprofits
c.operatinginefficiencies
d.understatingtotalproductcosts
Answer:
bDifficulty:
2Objective:
1
TermstoLearn:
productundercosting
33.OvercostingofaproductisMOSTlikelytoresultfrom:
a.misallocatingdirectlaborcosts
b.overpricingtheproduct
c.undercostinganotherproduct
d.understatingtotalproductcosts
Answer:
cDifficulty:
2Objective:
1
TermstoLearn:
productovercosting
34.Acompanyproducesthreeproducts;ifoneproductisovercostedthen
a.oneproductisundercosted.
b.oneortwoproductsareundercosted.
c.twoproductsareundercosted.
d.noproductsareundercosted.
Answer:
bDifficulty:
1Objective:
1
TermstoLearn:
product-costcross-subsidization
35.MisleadingcostnumbersareMOSTlikelytheresultofmisallocating:
a.directmaterialcosts
b.directmanufacturinglaborcosts
c.indirectcosts
d.Alloftheseanswersarecorrect.
Answer:
cDifficulty:
2Objective:
1
TermstoLearn:
activity-basedcosting(ABC)
36.Anacceleratedneedforrefinedcostsystemsisdueto:
a.globalmonopolies
b.risingprices
c.intensecompetition
d.ashifttowardincreaseddirectcosts
Answer:
cDifficulty:
2Objective:
1
TermstoLearn:
activity-basedcosting(ABC)
37.Theuseofasingleindirect-costrateismorelikelyto:
a.undercosthigh-volumesimpleproducts
b.undercostlow-volumecomplexproducts
c.undercostlower-pricedproducts
d.Bothbandcarecorrect.
Answer:
bDifficulty:
2Objective:
1
TermstoLearn:
productundercosting
38.Uniformlyassigningthecostsofresourcestocostobjectswhenthoseresourcesareactuallyusedinanonuniformwayiscalled:
a.overcosting
b.undercosting
c.peanut-buttercosting
d.departmentcosting
Answer:
cDifficulty:
1Objective:
1
TermstoLearn:
product-costcross-subsidization
39.Refiningacostsystemincludes:
a.classifyingasmanycostsasindirectcostsasisfeasible
b.creatingasmanycostpoolsaspossible
c.identifyingtheactivitiesinvolvedinaprocess
d.seekingalesserlevelofdetail
Answer:
cDifficulty:
2Objective:
2
TermstoLe
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