1) A well-designed activity-based costing system starts with __.

A. analyzing the activities performed to manufacture a product

B. assigning manufacturing overhead costs for each activity cost pool to products

C. computing the activity-based overhead rate

D. identifying the activity-cost pools

2) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __.

A. have been approved for use by the managements of business firms

B. have been approved by the Internal Revenue Service

C. have substantial authoritative support

D. are proven theories of accounting

3) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:

Income StatementBalance Sheet

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