Question 1
A cost system determines the cost of a cost object by ________.
◦ accumulating and then assigning costs
◦ accumulating costs
◦ assigning and then accumulating costs
◦ assigning costs
Question 2
The collection of cost data in an organized way, such as in various categories such as materials, labor, and manufacturing overhead, is called:
◦ cost application
◦ cost accumulation
◦ cost assignment
◦ cost reporting