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opportunity cost.
period cost.
product cost.
Question 4. Question : (TCO C) Within the relevant range, variable costs
can be expected to
Student Answer: vary in total in direct proportion to changes in the
activity level.
remain constant in total as the activity level changes.
increase on a per-unit basis as the activity level increases.
increase on a per-unit basis as the activity level decreases.
None of the above
Question 5. Question : (TCO B) Which of the following statements is
true?
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the time
of completion of the job.
III. Overhead application should be made to any job not completed at
year end in order to properly value the work in process inventory.
Student Answer: Only statement I is true.
Only statement II is true.
Both statements I and II are true.
Statements I, II, and III are true.
Question 6. Question : (TCO B) A job-order cost system is employed in
those situations when