Question

Actual costing systems are NOT commonly found in practice because actual costs CANNOT be computed in a timely manner.

a-true
b-false

Answer 1

Actual costing systems are commonly used in practice to determine actual costs associated with producing goods or services.

Step-by-step explanation:

The statement that actual costing systems are not commonly found in practice because actual costs cannot be computed in a timely manner is false.

Actual costing systems are used by businesses to determine the actual costs associated with producing goods or services. These systems rely on collecting and analyzing actual data such as direct materials, direct labor, and overhead costs.

While it is true that calculating actual costs can be time-consuming and may require detailed record-keeping, many businesses still use actual costing systems to gain a better understanding of their production costs and make informed decisions.