chapter quiz_9revised - Chapter Quiz_9 Cost Accounting Your...

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Chapter Quiz_9 Your Name Cost Accounting Circle the best choice. 3 points each 1. Which of the following statements is (are) true regarding the potential effects of using reported product costs for decision making? (A) Traditional product costing systems (e.g., job and process costing) are designed primarily to accumulate cost information for financial reporting. (B) If a single cost driver is used as the allocation base, applied manufacturing overhead for product costing purposes may lead to inappropriate managerial decisions. A. Only A is true B. Only B is true. C. Both A and B are true. D. Neither A nor B is true. 2. Which of the following statements is (are) false regarding first-stage and second-stage cost allocation methods? A. Only A is false. B. Only B is false. C. Neither A and B nor false. D. Both A and B are false. 3. Activity-based costing (ABC) is a costing technique that uses a two stage allocation process. Which of the following statements best describes these two stages?
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