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Cost Accounting Formats and Analysis

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Questions and Answers

What is the primary purpose of the Traditional Format?

External reporting (correct)

Special decision-making

Segmented reporting

Internal planning

Which management tool primarily utilizes the Contribution Format?

Make-or-Buy Analysis

Cost-Volume Profit Analysis

Budgeting (correct)

Segmented Reporting

How are differential costs defined?

Costs that do not change with production volume

Fixed costs that are avoidable

Variable costs that are irrelevant

Costs incurred between any two alternatives (correct)

What is the nature of opportunity costs in decision-making?

Potential benefits given up by selecting an alternative Signup and view all the answers

Which type of costs must be ignored when making decisions?

Sunk Costs Signup and view all the answers

Which type of analysis uses the Contribution Format as a planning tool?

Budgeting Signup and view all the answers

What is the main purpose of job-order costing systems?

To allocate costs to each job based on the specific job requirements Signup and view all the answers

Why is an allocation base used to assign manufacturing overhead to individual jobs?

It is impossible or difficult to trace overhead costs to particular jobs Signup and view all the answers

What is the purpose of computing a predetermined overhead rate in job-order costing?

To apply overhead to jobs before the period begins Signup and view all the answers

How are job cost sheets used in job-order costing?

To provide an underlying set of financial records that explain specific job costs Signup and view all the answers

Why do job-order costing systems allocate manufacturing overhead to all jobs using predetermined rates?

To prevent under or overcharging specific jobs with actual overhead costs Signup and view all the answers

What is the significance of using an activity-based approach for determining multiple predetermined overhead rates?

To align overhead cost allocations more accurately with specific activities Signup and view all the answers