What Is the Amount of Net Income for the Year

question 129

Multiple Choice

What is the amount of net income for the year 2014?

• A)$3,825.
• B)$1,825.
• C)$10,300.
• D)$5,625.

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Definitions:

Traditional Costing

An accounting method that applies indirect costs to products based on a predetermined overhead rate, typically simpler than activity-based costing.

Activity-Based Costing

A costing methodology that assigns the costs of resources to products or services based on activities and processes involved in their production.

Traditional Costing Method

A cost accounting method that assigns overhead costs to products based on a predetermined overhead rate.

Direct Labor-Hours

A measure representing the total hours worked by employees directly involved in the production of goods or services.