Question

Ethics deals with:

		The propriety of a course of action
		The fitness of a course of action
		The moral quality of a course of action
		All of the above

1. Partially completed goods that are in the process of being converted into a finish product are defined as:

   		Raw materials inventories
   		Operational inventories
   		Conversion inventories
   		Work-in-process inventories

3.

The activity used to allocate overhead hours to the individual jobs is called the:

		normal costing system
		process costing system
		usage driver
		allocation base

1. Over the short term, which type of costs is indifferent to activity level changes?

   		Variable costs
   		Fixed costs
   		Mixed costs
   		Step costs

Answer 1

1.Ethic deals with:

Ans: all the above. Ethics is a system of moral principles. They affect how people make decisions and lead their lives.

2. (And).Work-in process inventories:- Work in process inventory is materials that are in the process of being produced or manufactured into finished goods to be sold ro customers.

3. (Ans). Allocation Base:- An allocation base is the basis upon which an entity allocates its overhead costs. An allocation base takes the form of a quantity, such as machine hours used, kilowatt hours consumed, or square footage occupied.

4.(Ans). Variable cost:- variable cost are expenses that vary in proportion to the volume of goods or services that a bussiness produces. The cost increases as the volume of activity increases and decreases as the volume of activities decreases.