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