Cornerstones of Managerial Accounting Study Set 2
Quiz 2: Basic Managerial Accounting Concepts
Allocation Means That an Indirect Cost Is Assigned to a Cost
Allocation means that an indirect cost is assigned to a cost object using a reasonable and convenient method.
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A variable cost is one that decreases in total as output increases and increases in total as output decreases.
A fixed cost is a cost that increases in total as output increases and decreases in total as output decreases.
Denim used when making jeans would normally be classified as a variable cost.
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