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Cost Data Management Quiz

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Questions and Answers

What is the role of overheads in cost data?

They need to be allocated in cost data (correct)

They are not relevant in cost data

They are directly traceable to products

They are included in direct labor cost

What leads a manager to question the accuracy of reported cost of products and services?

Barely covering the cost of the bid

Direct labor costs being traceable

High revenue coupled with low operating income (correct)

Continual loss to a lower bidder

What are the two approaches of overhead allocation mentioned in the text?

Traditional and Activity Based Costing (ABC) (correct)

Direct and Indirect allocation

Unit based and Volume based

Traceable and Non-traceable allocation

What is the nature of factory overheads mentioned in the text?

Generally not traceable Signup and view all the answers

What is the purpose of collecting all overheads in a single cost pool?

To subject all overheads to volume Signup and view all the answers

What is the appropriate approach for overhead allocation, as mentioned in the text?

Activity-based costing Signup and view all the answers

In the context of overhead allocation, what is the nature of factory overheads mentioned in the text?

Lumpy nature and non-availability Signup and view all the answers

What factor leads a manager to question the accuracy of reported cost of products and services, as per the text?

High revenue coupled with low operating income Signup and view all the answers

What is the role of overheads in cost data, based on the information provided?

To contribute to management decision-making Signup and view all the answers

What is the need for allocation of overheads, as mentioned in the text?

Two approaches of allocation: traditional and ABC Signup and view all the answers