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TEST BANK FOR COST ACCOUNTING 15TH EDITION BY CHARLES T. HORNGREN SRIKANT M. DATAR AND MADHAV V. RAJAN QUESTION AND ANSWERS 2024

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TEST BANK FOR COST ACCOUNTING 15TH EDITION BY CHARLES T. HORNGREN SRIKANT M. DATAR AND MADHAV V. RAJAN QUESTION AND ANSWERS 2024 Chapter 2 An Introduction to Cost Terms and Purposes Object... ive 2.1 1) An actual cost is . A) is the cost incurred B) is a predicted or forecasted cost C) is anything for which a cost measurement is desired D) is the collection of cost data in some organized way by means of an accounting system Answer: A Diff: 1 Objective: 1 AACSB: Analytical thinking 2) Comparing budgeted costs to actual costs helps managers to improve . A) coordination B) control C) implementation D) planning Answer: B Diff: 1 Objective: 1 AACSB: Analytical thinking 3) Budgeted costs are . A) the costs incurred this year B) the costs incurred last year C) planned or forecasted costs D) competitor's costs Answer: C Diff: 1 Objective: 1 AACSB: Analytical thinking 4) Cost assignment . A) includes future and arbitrary costs B) encompasses allocating indirect costs to a cost object C) is the same as cost accumulation D) is the difference between budgeted and actual costs Answer: B Diff: 1 Objective: 1 AACSB: Analytical thinking 5) A cost system determines the cost of a cost object by . A) accumulating and then assigning costs B) accumulating costs C) assigning and then accumulating costs D) assigning costs Answer: A Diff: 1 Objective: 1 AACSB: Analytical thinking 6) A cost object is anything for which a cost measurement is desired. Answer: TRUE Diff: 1 Objective: 1 AACSB: Analytical thinking 7) Costs are accounted for in two basic stages: assignment followed by accumulation. Answer: FALSE Explanation: Costs are accounted for in two basic stages: accumulation followed by assignment. Diff: 1 Objective: 1 AACSB: Analytical thinking 8) An actual cost is the cost incurred–a historical or past cost. Answer: TRUE Diff: 1 Objective: 1 AACSB: Analytical thinking 9) Accountants define a cost as a resource to be sacrificed to achieve a specific objective. Answer: TRUE Diff: 1 Objective: 1 AACSB: Analytical thinking 10) A cost is a resource sacrificed or forgone to achieve a specific objective. Answer: TRUE Explanation: A cost object could be anything management wishes to determine the cost of, for example, a department. Diff: 1 Objective: 1 AACSB: Analytical thinking 11) Managers use cost accumulation data to make decisions and implement them. Answer: TRUE Diff: 1 Objective: 1 AACSB: Analytical thinking [Show More]

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