14. Explain how the four facets of production operations is important in terms of Cost Accounting Data. What could be the major threats to Production operations threats, is there any control measures available to overcome the threats?

14. Explain how the four facets of production operations is important in terms of Cost Accounting Data. What could be the major threats to Production operations threats, is there any control measures available to overcome the threats?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 21Q: Discuss the concept of controllable and uncontrollable costs and how they affect the evaluation of...

See similar textbooks

Related questions

Q: In the field of cost accounting, one of the most critical decisions made by a manager is the type of…

A: Choosing the type of technology that the organisation will use to produce its products or deliver…

Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…

A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…

Q: Why are support department costs difficult to apply to products?

A: Given: The difficulty in applying the support department costs on products.

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: 9.In an activity-based costing system, direct materials used would typically be classified as a:…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Why are cost centers considered to be more appropriate than profit centers for production…

Q: [4] Product costing provides useful decision-making information in relation to all of the following…

A: Since you have posted multiple questions, we will do the first one for you. To get the remaining…

Q: Explain the Over head cost control benefits and drawbacks in manufacturing unit.

A: Cost accounting: A branch of accounting that deals with the calculation of the total cost incurred…

Q: Which of the following is not a feature of a process production system? Repetitive production…

A: Production process system is that which is used for a large level of production and where continuous…

Q: Why are top management support and cross-functional involvement crucial when attempting to implement…

A: Activity based costing system is a form of costing system in which cost is analysed by dividing the…

Q: 1. What types of costs are allocated? What is a support department? What is a producing department?…

A: Allocation refers to distribution of total overhead cost to the departments that have actually used…

Q: Consumption ratios are useful in determining: A. the existence of product-line diversity. B.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 2) Refining a cost system requires: A) classifying as many costs as indirect costs as is feasible B)…

A: Refining a cost system means making some modifications to simple costing system that includes direct…

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

A: Solution- Costs , their purpose and…

Q: What makes POS systems different from revenue cycles of manufacturing firms?

A: POS System: It is a system implemented in rattail sectors where the sale transaction taking place…

Q: The area of management concerned with designing and overseeing the process of production is which of…

A: Operations management is the management of operational processes inside a company to make the…

Q: The internal cost analysis process involves the following in what order? (A) Identify the links…

A: Internal cost analysis used for analysing value creating process and opportunity to reduce its cost…

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: What is the most important purpose of the cost of production report

A: Given: The importance and use of cost of production report.

Q: 1 Why are top management support and cross-functional involvement crucial when attempting to…

A: Activity based costing is a method of costing that identifies all the activities happening and being…

Q: In performing CVP analysis for a manufacturing company, what simplifying assumption is usually made…

A: Definition: Cost-volume profit analysis: CVP analysis is a tool of cost accounting that measures…

Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners…

A: Solution: "Reporting to owners" is not a function of Cost Accounting. This is because the functions…

Q: explain the cost management information system's two major subsystems

A: The cost management information system's primary goal is to generate outputs for internal users. To…

Q: 28. Which of the following must be known about a production process to institute a variable costing…

Q: Discuss standard costs and indicate how they can be used by management in planning and control.

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

Q: Systems Concepts, Traditional versus Activity-Based Cost Accounting Systems The following items are…

A: Activity-based costing represents the costing method that assigned the cost to each activity based…

Q: Question 2: Discuss what may be the issues in using process costing to estimate the cost of the…

A: Process costing is a significantly costing system to measure, monitor and control under different…

Q: What is the most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

Q: What kinds of challenges occurs in the Cost Control and Cost Reduction in the Manufacturing…

A: Cost Control is different from cost reduction Cost Control focuses/emphasises on decreasing the…

Q: Who in the typical firm or organization is responsiblefor cost management?

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

Q: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: a) Distinguish between Production management and Operations Management. h) Distinguieh between…

A: Introduction:- The main objective of production and operations management is to adequately operate…

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: What types of management reports are prepared by the cost accounting system?

A: Definition: Cost accounting systems: It is a system which measures, record, and reports the product…

Q: Why would a corporation choose process costing over task order costing? How are the two systems…

A: Here is the Answer

Q: How are cost of production reports used for controlling and improving operations?

A: Production cost report: A production cost report is a comprehensive report prepared for each…

Q: Q1: Relative to their objectives and outputs, briefly describe the three major subsystems within…

A: The organization that is engaged in the production of goods or products is referred to as the…

Q: Discuss The impact of applying an Activity-Based Costing System on the businesses' financial and…

A: What is Activity-Based Costing? Activity-based costing ABC is a method for assigning costs to…

Q: ?Which of the following costs is not related to a batch-related activity .Compliance costs .a…

A: A batch-related activity refers to the activity that is carried out in batches of units. There are a…

Q: What is the primary goal of the cost-of-production report? What is the purpose of these reports in…

A: Cost-of-production report is a statement which shows all the production related costs within a…

Q: 1. What are the concepts underlying a process costing system? How might a company identify and group…

A: *As you have posted more than one question,I was answering the first question only as per our…

Q: 1. What is the primary trade-off an accountant must consider when deciding whether to identify cost…

A: Answer 1: Is the cost/benefit of the process reasonable for more accurate behavior obtained.

Concept explainers

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.

Question

IN YOUR OWN WORD PLEASE

14. Explain how the four facets of production operations is
important in terms of Cost Accounting Data. What could be
the major threats to Production operations threats, is there
any control measures available to overcome the threats?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction:

VIEW

The four facets of Production Operation:

VIEW

Major threats:

VIEW

Control measures:

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Discuss the concept of controllable and uncontrollable costs and how they affect the evaluation of the responsibility centers financial performance.
7. Which of the following costs should not be included in product costs for internal management reports that are used for decision-making? Costs of unit-level activities. Costs of batch-level activities. Costs of product-level activities. Costs of organization-sustaining activities. 8. The following are advantages of applying the value chain analysis in strategic cost management. Which provides the LEAST effect? The identification of EXCESSIVE RESOURCE USAGE in value adding activities and the potential to avoid them The identification of NON-VALUE ADDING ACTIVITIES and the potential to avoid them The identification of COSTS THAT ALLOW PRODUCT DIFFERENTIATION and prioritizing them The identification of EXCESSIVE COMMITTED AND FIXED COSTS, and the potential of avoiding them 9. Aling Rosa is a sari-sari store owner. Along the street where she operates her store, there are three other stores offering similar products at similar prices. What should she do to allow her business to thrive…
Do not Copy What kinds of challenges occurs in the Cost Control and Cost Reduction in the Manufacturing concerns?
1 Why are top management support and cross-functional involvement crucial when attempting to implement an activity-based costing system? 2 What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities? 3 What types of costs should not be assigned to products in an activity-based costing system?
14. Which of the following does not help in effective cost control in a company. a. Inventory Control b. Budgetary Control c. Disclosure of Financial resources d. Overhead Control
One of the primary uses of a cost of production report is to assist management in controlling production costs. True or False?
22. Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners c. Helps Planning and control d. Cost ascertainment;
Which of the following is NOT correct about the classifications of costs? Select one: a. On the basis of time of computation, costs are classified into historical costs and pre-determined costs. b. Costs are classified as product costs or period costs according to their behaviour with respect to physical capacity usage of the company. c. Costs are classified into direct costs and indirect costs on the basis of their identifiability with cost units or jobs or processes or cost centres. d. Costs behave differently when level of production rises or falls, and based on this, the costs are classified as fixed, variable, or mixed costs.
Which of the following is an example of a cost item that should be classified as an internal failure cost? Question 11 options: Product return costs Inspection costs Rework costs Employee training costs
Which of the following statements best describes a profit center?a. The responsibility for combining the raw materials, direct labor,and other factors of production into a final productb. The authority to make decisions affecting the majordeterminants of profit, including the power to choose its marketsand sources of supplyc. The authority to make decisions affecting the majordeterminants of profit, including the power to choose its markets,sources of supply, and significant control over the amount ofinvested capitald. The authority to make decisions over the most significant costsof operations, including the power to choose the sources of supplye. The authority to provide specialized support to other unitswithin the organization
Which of the following best describes the activities of the production function?a. maintenance, inventory control, and production planningb. production planning, quality control, manufac-turing, and cost accountingc. quality control, production planning, manufac-turing, and payrolld. maintenance, production planning, storage, andquality controle. manufacturing, quality control, and maintenance
If the organization operates at an activity level outside the relevant range, any cost predictions based on data from the relevant range may not be very accurate. True or False?