The Concepts of Cost Allocation That Are Used in Manufacturing

question 19

Multiple Choice

The concepts of cost allocation that are used in manufacturing can also apply in:

• A)Service and not-for-profit industries.
• B)Service industries.
• C)Not-for-profit industries.
• D)Limited instances outside of manufacturing.
• E)The concepts apply only in manufacturing.

Calculate the effects of changes in depreciation methods on financial statements and tax implications.

Recognize the procedures and impacts of changing inventory accounting methods, specifically from LIFO to FIFO.

Understand the concept of prior period adjustments in the context of accounting errors and changes.

Distinguish between changes in accounting estimates and principles.

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