Identify Which Costing Method Is More Likely to Be Used

question 42

Essay

Identify which costing method is more likely to be used to accumulate costs for the following products or services by marking an "X" in the appropriate column.

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Definitions:

Contingency

An existing condition or situation whose outcome is uncertain and will be confirmed only upon the occurrence or non-occurrence of one or more uncertain future events.

IFRS

A global set of accounting standards formulated by the International Accounting Standards Board (IASB), known as International Financial Reporting Standards.

Payroll Taxes

Charges levied on both employers and employees, typically determined based on a percentage of what employers pay to their workers as wages.