Examlex
Indicate whether each of the following statements is true or false.
Indirect costs are traced to cost objects.
Cost drivers are used to allocate indirect costs to cost objects.
An allocation rate is calculated by dividing the allocation base by the total cost to be allocated.
A cost driver must be identified for each cost pool that is to be allocated. Depreciation on a building might be allocated to the departments sharing the building based on the number of square feet occupied by each department.
Evaluate
The process of calculating the value of an expression.
Simplify
To simplify an expression means to reduce it to its simplest form, by performing all possible operations and combining like terms.
Evaluate
To calculate the value of an expression by substituting variables with given numerical values and performing the operations in the expression.
Function
A function is a mathematical relation between sets that associates every element of a first set to exactly one element of a second set.
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