Question

In: Accounting

QUESTION 1 Each of the following are a step involved in activity analysis except for...? A....

QUESTION 1

Each of the following are a step involved in activity analysis except for...?

	A.	Detailed flowchart for each process
	B.	Detailed outline
	C.	Classify as a value-added or non-value added
	D.	Identify each step in the process

QUESTION 2

Each of the following is a guideline for using ABC costing except for.......?

	A.	Cost drivers should be easy to understand
	B.	Cost drivers should be appropriate for performance management
	C.	Number of cost drivers selected can be unlimited
	D.	Cost of measurement should not exceed benefit of using the cost driver

QUESTION 3

In the Two-Step Allocation process, which of the following is correct when it comes to collecting costs?

	A.	Costs are collected in general ledger and expense accounts
	B.	Costs are collected in revenue and subsidiary accounts
	C.	Costs are collected in general ledger and subsidiary accounts
	D.	Costs are collected in revenue and expense accounts

QUESTION 4

All of the following are reasons for using ABC Costing except...

	A.	Problems with current cost allocations
	B.	Lack of commonality in overhead costs
	C.	Lack of choices in productivity
	D.	Changes in the business environment

QUESTION 5

Total Cycle Time is the sum of Value-added time and Non-value-added time.

True

False

Expert Solution

Q1) B) Detailed Outline

Steps In Analysis Process shall consistes of Detailed Analysis of

Flow Chart of Each Process, Identify Each Step in Process,Activities( Value Added and Non Valuye Added) in Process

Q2) C) Number of Cost drivers Selected can be Unlimited.

Q3) A) In the Two Step Allocation Process Costs Are Collected From General Ledger and Expense Accounts,

allocated Based on Activities. After that Costs are Allocated to Cost objects Based on Activities utilised for Such Activity.

Q4) C) Lack of Choices in Productivity

Lack of Choices in Productivity is not a reason For Introduction of ABC Costing.

The Main Reason Reason for Introducing ABC Costing are Lack of Commonity in GFeneral Overhead Costs, Croblems in Ttaditional Costing, Changes in Modern Business Environment.

Q5) True: Total Cycle Time Consists of both valu added and Non Value Added time, whereas value Added cycle time comprises of only Value Added Cycle Time.

ekkarill92 answered 1 year ago

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