Which of the following procedures best describes activity-based costing? Select one: A. All overhead costs are recorded as expenses as incurred. B. Overhead costs are assigned to departments; then costs are assigned to products. C. Overhead costs are assigned directly to products. D. Overhead costs are assigned to activities; then costs are assigned to products.

D. Overhead costs are assigned to activities; then costs are assigned to products.

Explanation:

Activity-based costing provides the most precise product costing information because unlike the other methods, it produces information about the activities, the quantities of activities, and the cost of activities that go into producing a product.

In activity based costing, indirect costs including salaries, utilities, overhead are assigned to activities; then activity costs are assigned to products or other cost objects.

answerboth the short run phillips curve and the aggregate demand and aggregate supply model