Select all that applyWhich of the following are true of activity-based costing? Multiple select question.With activity-based costing, each activity has an associated cost pool.With activity-based costing, there is a single cost pool representing the entire plant.In the ABC two-stage cost system, the first stage consists of activities.In the ABC two-stage cost system, the first stage consists of departments.

With activity-based costing, each activity has an associated cost pool. - True. In activity-based costing (ABC), each activity, such as ordering materials or setting up equipment, has its own cost pool. Costs are assigned to these pools and then allocated to products or services based on their use of the activities.

With activity-based costing, there is a single cost pool representing the entire plant. - False. This statement is not true for activity-based costing. In ABC, costs are not pooled together into a single cost pool. Instead, they are divided into separate pools that represent different activities. This allows for a more accurate allocation of costs to products or services.

In the ABC two-stage cost system, the first stage consists of activities. - True. The first stage of the ABC system involves identifying the activities that consume resources and assigning costs to these activities. This is done by determining the cost driver for each activity and then assigning costs based on the amount of the cost driver that is used.

In the ABC two-stage cost system, the first stage consists of departments. - False. The first stage of the ABC system does not consist of departments. Instead, it consists of identifying the activities that consume resources. The second stage then involves assigning the costs of these activities to the products or services that use them.