What is the definition of assigning costs?
A)the way costs are measured and recorded
B)the way companies can tell what money was spent
C)the allocation applied to a cost object using a reasonable method
D)the benefit given up when one choice is made over another

Question

Quizplus · Accepted Answer

Assigning costs refers to the process of allocating a cost to a specific cost object using a reasonable method. This is done to determine the total cost of producing or providing a product or service. A cost object may be a product, a department, a project, or any other item for which cost data is needed. By assigning costs, a company can determine the costs involved in various activities and make informed decisions about pricing, resource allocation, and budgeting.

What Is the Definition of Assigning Costs