1. What is the primary trade-off an accountant must consider when deciding whether to identify cost drivers? Is the cost/benefit of the process reasonable for more accurate behavior obtained. Will the cost driver identification provide different costs for different purposes Will material related drivers be more accurate than labor-related drivers Will the cost relationship be to complex to  understand There is non trade-off to consider using cost drivers 2. An important first step in studying managerial accounting is to create a framework for thinking about the various types of cost incurred by organizations and how those costs are actively managed. True or False

Q: Evaluate and Integrate the role of quantitative information in making business decisions.

A: Quantitative studies are all about numbers. It makes use of mathematical evaluation and facts to…

Q: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

Q: 1. "Cost accounting is a form of managerial accounting that aims to capture a company's total cost…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which objective of cost accounting classifies and analyzes cost date for measuring efficiency? a.…

A: Answer: Concept: Cost accounting is defined as the accounting system which helps to analyze the cost…

Q: How management accounting and cost accounting can be an efficient in monetary and non-monetary…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: When allocating support department costs, managers must identify cost pools.  The choice of cost…

A: Cost pools represents the various cost incurred in the production process of the company that have…

Q: Which of the following is one of the difference between management accounting and cost accounting.…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…

A: Cost of the materials used in production: This is the additional amount of material put in the…

Q: identify managerial accounting techniques that have been developed to meet positioning…

A: SOLUTION- Managerial accounting refers to the analysis and presentation of financial data for the…

Q: is commonly suggested that a management accounting system should be capable of supplying different…

A: Solution-                                                              Costs , their purpose and…

Q: Cost accounting is an area of accounting concerned with cost determination, cost control and cost…

A: solution : Cost accounting is an area of accounting concerned with cost determination, cost control…

Q: Which of the following factors is NOT considered to have influenced the development of…

A: Activity-based costing is a method to allocate the overhead and indirect cost to products and…

Q: Describe the concept of management by exception and explain how standard costs help managers apply…

A:

Q: 1- When is a revenue or cost item relevant for a particular decision?

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: How can management accountant help improve quality and achieve timely product deliveries?

A: Management accountant perform various functions like analysis cost, business processes to identify…

Q: What is the similarities and defference between cost accontant, management accountant and fanincial…

A: Cost accountant deals with ascertainment, allocation, recording and analysis of accounting data. It…

Q: Identify and explain the managerial accountant’s primary objective in choosing a transfer-pricing…

A: Return on investment (ROI): Return on investment evaluates how efficiently the assets are used in…

Q: Which of the following is one of the difference between management accounting and cost accounting…

A: Management accounting and cost accounting are two branches of accounting. Under management…

Q: Management accounting is a subset of cost accounting. Cost accounting is a subset of both management…

A: Accounting is the process in which transactions are recorded, summarised, posted and then the result…

Q: What are the factors of incremental analysis such as relevant costs, opportunity costs, and sunk…

A:

Q: Name a firm or organization you know of that you are reasonably sure uses cost management andexplain…

A: Cost Management: Cost management involves the development and use of cost management information…

Q: Describe the Relationship of the below mentioned managerial accounting concepts : i. Cost Reduction…

A: There are several concept and techniques which are used for the measurement of overall performance…

Q: indirect material, mixed cost , budgeting, margin of safet

A: The below mentioned are the definitions of indirect material Mixed cost Budgeting Margin of safety

Q: he costs referred to as “controllable costs” are       a. Costs which management decides to incur in…

A: Solution: The costs referred to as “controllable costs” are "Costs which are likely to respond to…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: Using product costing procedures, a cost is allocated to a product. The most frequent costing…

Q: Discuss cost functions and assess the importance of causality in estimating cost…

A: Cost Function which are explained in the cost Accounting which can be determine the mathematical…

Q: В. Explain the following: Product costs and Period costs and one example of each. Distinguish…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: Based on the assignment and what you know about management accounting, what do you believe is the…

A: Management accounting :             The branch of accounting which facilitates the information from…

Q: Choose the most appropriate answer(s): Calculation of product cost, gathering information for…

A: SOLUTION-   EXPLANATION- COST ACCOUNTING IS AN ACCOUNTING METHOD THAT AIMS TO CAPTURE A COMPANY'S…

Q: Discuss any two differences between the traditional costing system and the actively-based costing…

A: Traditional  Costing…

Q: Costs estimations and cost predictions are two terms often used as management accountant that must…

A: under the accounting process management decide to do estimation of the cost which will tell that how…

Q: Explain the difference between period cost and product cost , provide one example for each type. The…

A: Period costs: The costs (especially the overheads) related to the specific period are called period…

Q: Which of the following is not a qualitative decision that should be considered in an outsourcing…

A: Qualitative decisions are more subjective since they are based on elements other than numerical…

Q: Using performance reports to evaluate cost, revenue, and profit centers Management by exception is a…

A:

Q: Describe three different ways in which managers determine cost behavior, which do you think is most…

A: Cost behavior analysis: It is the investigation of how certain expenses carry on in a business.…

Q: Why is knowledge of cost behaviour important for managerial decesion making ? Give an example to…

A: The company's motive will be to increase the profitability. The profitability of the company can be…

Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…

Q: When managerial accountants design an evaluation system that is based on criteria for which a…

A: Performance measurement can be explained as an indicator in management accounting that evaluates the…

Q: Describe the role of management accounting in providing information to managers for decision making,…

A: Management accounting is the accounting done for the managers and helps the management to perform…

Q: Managerial Accounting

A: Correct Answer is :- C includes cost accounting as on of its major tools .