In Activity-Based Costing,final Cost Allocations Assign Costs to

question 73

Multiple Choice

In activity-based costing,final cost allocations assign costs to

• A)departments.
• B)processes.
• C)products.
• D)activities.

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Definitions:

FMV

Fair Market Value; the estimated price at which an asset would trade in a competitive auction setting.

Nontaxable Return

A financial return or distribution that is exempt from taxes, such as certain gifts or inheritances.

Fiscal Year-End

The end of a 12-month period used for accounting purposes and preparing financial statements, not necessarily aligning with the calendar year.

Quarterly Estimated Payments

Tax payments made each quarter by self-employed individuals and others who do not have taxes withheld from their income.