Service firms follow the same approach for indirect costs as manufacturing companies because they develop a predetermined indirect cost allocation rate.
2) A service firm's costs are comprised of direct materials, direct labor and manufacturing overhead.
3) A labor time record is an essential component of accounting in a service firm.
4) Although service firms do not carry large amounts of inventory, it is still necessary to know the costs related to the different jobs.
5) The most significant cost for a service firm is direct materials cost.
6) The main driver of indirect costs for service firms is usually labor hours.
7) When job costing is used at a service company, direct costs of serving the client are traced to the job, whereas the indirect costs of serving the client are allocated to the job.
8) At a service company, the indirect costs of serving the client is consist of operating expenses.
9) At a service company, the indirect costs of serving the client include manufacturing overhead.
10) Which of the following is the most significant cost for a service company?
A) Manufacturing overhead
D) Indirect costs
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