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90 indicate whether each of the following statements is true or false 1 t cost accum 4301519

 

90. Indicate whether each of the following statements is true or false.

1. T

Cost accumulation refers to identifying whether a particular cost is fixed or variable.

 

2. F

Cost objects may be departments, sales territories, or individual products.

 

3. F

Cost accumulation is not useful in a service-type business.

 

4. F

A cost driver has a cause-and-effect relationship with a cost object.

 

5. T

Accuracy of managerial accounting information is more important than its timeliness.

 

 

91. Indicate whether each of the following statements is true or false.

1. T

Estimated cost data must often be used in making decisions because actual cost information is not yet available.

 

2. F

Managers often accumulate both estimated and actual cost data for the same cost object.

 

3. T

A direct cost must be allocated to a cost object.

 

4. F

For a department in a retail store, cost of goods sold is an indirect cost.

 

5. F

Direct costs are also called overhead costs.

 

 

 

 

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