Acc 350 Wk 6 Quiz 4 Chapter 5 – Strayer

ACC 350 WK 6 Quiz 4 Chapter 5 – Strayer

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ACC 350 WK 6 Quiz 4 Chapter 5

1)

A top-selling product might actually result in losses for the company.

Answer:

2)

Companies that undercost products will most likely lose market share.

Answer:

3)

If companies increase market share in a given product line because their reported costs are less than their actual costs, they will become more profitable in the long run.

Answer:

4)

As product diversity and indirect costs increase, it is usually best to switch away from an activity based cost system to a broad averaging system.

Answer:

5)

If a company undercosts one of its products, then it will overcost at least one of its other products.

Answer:

6)

Direct costs plus indirect costs equal total costs.

Answer:

7)

When refining a costing system, a company should classify as many costs as possible as indirect costs.

Answer:

8)

In a homogeneous cost pool, all costs have a similar cause-and-effect relationship with the cost-allocation base.

Answer:

9)

Indirect labor and distribution costs would most likely be in the same activity-cost pool.

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10)

Activity-based costing helps identify various activities that explain why costs are incurred.

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11)

Direct tracing of costs improves cost accuracy.

Answer:

12)

A cost-allocation base is a necessary element when using a strategy that will refine a costing system.

Answer:

13)

An activity-based costing system is necessary for costing services that are similar.

Answer:

14)

Traditional systems are likely to undercost complex products with lower production volume.

Answer:

15)

For activity-based cost systems, activity costs are assigned to products in the...