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Objective 2.1
3) The general term used to identify both the tracing and the allocation of accumulated costs to a cost
object is:
A) cost accumulation
B) cost assignment
C) cost tracing
D) conversion costing
Answer: B
Diff: 1
Terms: cost assignment
Objective: 1
AACSB: Reflective thinking
7) Cost assignment :
A) is always arbitrary
B) is includes tracing and allocating
C) is the same as cost accumulation
D) is finding the difference between budgeted and actual costs
Answer: B
Diff: 2
Terms: cost assignment
Objective: 1
AACSB: Reflective thinking
2
9) Products, services, departments, and customers may be cost objects.
Answer: TRUE
Diff: 1
Terms: cost object
Objective: 1
AACSB: Reflective thinking
10) 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
Terms: cost accumulation
Objective: 1
AACSB: Reflective thinking
11) Actual costs and historical costs are two different terms referring to the same thing.
Answer: TRUE
Diff: 1
Terms: budgeted costs
Objective: 1
AACSB: Reflective thinking
3
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