Question

In: Accounting

Which of the following choices correctly expresses the proper order of the preceding tasks?

The following tasks are associated with an activity-based costing system:

1- ..... Calculation of cost application rates

2- ..... Identification of cost drivers

3- ..... Assignment of cost to products

4- ..... Identification of cost pools


Which of the following choices correctly expresses the proper order of the preceding tasks?

Solutions

Expert Solution

Steps in ABC Costing-

Step-1

Identification of cost pools,

Step-2

Identification of cost drivers,

Step-3

Calculation of cost application rates

Step-4

Assignment of cost to products

Explanation-

Activity based costing is method of costing where the indirect costs are identified based on it's behaviour.

Then these cost are allocated to job or specific product based on it's uses based on cost driver.

The above steps are used to implement the ABC system of costing.

ekkarill92 answered 2 years ago
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