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Problem 1: An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting principles because:
a) activity-based costing has not been approved by the United Nation's International Accounting Board. b) under activity-based costing manufacturing costs are assigned to products. c) under activity-based costing the sum of all product costs does not equal the total costs of the company. d) activity-based costing results in less accurate costs than more traditional costing methods based on direct labor-hours or machine- hours.
Construct general journal entries to record the transactions and depreciation journal entries required at the end of each reporting period
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