55) Variable costing does not use fixed costs True False

33) Process costing is used for the manufacture of tables True False

13)Total Quality Management is usually strongly accepted by all employees within an organization. True False

60) Opportunity costs are recorded in the books of accounts. True False

12a) Indirect cost is one that cannot be easily traced to a cost object True False

20) What 2 items go in a T account or a Clearing Account Fixed and variable costs Revenue and costs Actual and Applied (estimated) overheads Material and Labour

61) Product costs are expensed in the period in which they are sold True False