A value chart indicates a. the value-added steps in a process and the time it takes for them to be completed. b. the time and cost of all value-added steps in a process. c. all steps in a process and the time it takes for them to be completed. d. the time and costs of all value-added and non-value-added steps in a process The actual time it takes to perform a specific task is called a. transfer time. b. service time. c. quality time. d. inspection time For one product that a firm produces, the manufacturing cycle efficiency is 20 percent. If the total production time is 12 hours, what is the total manufacturing time? a. 12.0 hours b. 2.4 hours c. 15.0 hours d. 60.0 hours For traditional costing purposes, R&D costs are a. capitalized and allocated over the product life cycle. b. expensed as incurred. c. capitalized and amortized over three years. d. charged to the future accounting periods that receive the benefit of the R&D expenditures Of the following, which is the best reason for using activity-based costing? a. to better assign overhead costs to products b. to assign indirect service overhead costs to direct overhead cost pools c. to more accurately assign overhead costs to cost pools so that these costs are better controlled d. to keep better track of overhead costs The following items are used in tracing costs in an ABC system. In which order are they used? 1.cost object 2.cost driver 3.activity driver 4.cost pool a. 1, 2, 3, 4 b. 2, 3, 4, 1 c. 2, 4, 3, 1 d. 4, 3, 1, 2