Acct 311 Summer 2016
1) A cost object is anything for which a cost measurement is desired.
2) A cost is a resource sacrificed or forgone to achieve a specific objective.
Explanation: A cost object could be anything manage
ACCT 311 (Prof. Roman)
Solutions to Exercise process costing practice exercise (AMD)
Calculate the unit cost of an assembled microchip in January and prepare the journal
entries for the use of direct materials and incurrence of conversion costs in the
Chapter 5: Sample Multiple Choice Questions
1) The use of a single indirect-cost rate is more likely to:
A) undercost high-volume simple products
B) undercost low-volume complex products
C) undercost lower-priced products
D) Both B and C are correct.
Master Budgeting and
A budget is the
expression of a proposed plan of
action by management for a
Budgeting involves two activities:
Advantages of Budgets