A simple description of activity-based costing is that it divides production into core activities, defines costs for those activities, and allocates costs to products based on consumption of: Activities Costs Products All of the Above Question 2 ABC abandons the traditional division of costs between products and: Periods Processes Jobs None of the Above ABC cannot be used for GAAP reporting; GAAP requires: Absorption Costing Direct Costing Marginal Costing Variable Costing Question 4 1 pts With ABC, cost objects are limited to saleable products and services? No Yes Depends None of the above Question 5 1 pts ABC identifies activities by type. Which type can relate to one or more units of output? Batch Units Products Customers