6. Discuss the advantages of standard cost. Define different level of activities with example in ABC costing.

Q: After understanding and studying Standard Costing: 1. Which of the following management function is…

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

Q: 9) Which of the following statements about normal costing is true?   A) Direct costs and indirect…

A: Introduction:- Under the normal costing :- It assign costs to products based on the materials,…

Q: List at least two positive and two negative features of standard costing systems.

A: Standard Costing:   It is an accounting system that is used by organization to identify the…

Q: discuss the various costing methods?

A: Various Methods of costing are as follows: 1) Unit Costing 2) Operating Costing 3) Contract Costing…

Q: Marginal Costing

A: Option a is wrong because marginal costing is not a technique of cost reduction. Cost reduction…

Q: a. what are the primary differences between traditional and activity-based costing?

A: Traditional costing and Activity based costing are two types of costing methods that are being used…

Q: Explain the difference between the variable and absorption costing methods.

A: Under Variable Costing method, only variable costs are considered which includes only variable cost…

Q: Explain why standard costing is more suitable for controlling the cost of unit-level activities

A: Standard costing is a cost accounting method in which predetermined levels of sales, production,…

Q: 1. What is the unit product cost under absorpotion costing? 2. What is the unit product cost…

A:

Q: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

Q: What can ABC costing information be used for? When is it a better option? How are cause and effect…

A: A method of costing that assigns overhead and indirect costs to related products and services is…

Q: Please explain the statement below (T/F) thoroughly with examples illustrating the answer.  "In…

A: in Activity-based costing many numbers of cost pools. In activity-based costing, a product margin…

Q: Describe ABC Required: a What is activity-based costing and how does it differ from traditional…

A: SOLUTION- Activity-based costing and traditional absorption costing are the two different approaches…

Q: What are the three major ways in which activity-based costing improves the accuracy ofproduct costs?

A: Activity based costing is a system in which costs are allocated to the products on the basis of…

Q: Identify the costs included under variable costing.

A: The costs can be distinguished as variable and fixed costs.

Q: With respect to Pricing decision in Cost Accounting, state any 4 situations where pricing below…

A: Pricing decision plays an important role in an product sales and growth where the price of the…

Q: Between Absorption Costing and Variable Costing method, which one do you think is more practical to…

A: Absorption costing considers fixed manufacturing overheads and variable overheads together to find…

Q: Explain the advantages of conference method for estimating a cost function.

A: Conference method: Conference method uses, perceptions, analysis, knowledge and related information…

Q: TRUE OR FALSE The last step in activity-based costing system is the selection of cost driver

A: Cost driver is used to compute the overhead rate per cost driver.

Q: Which of the following statement about Activity Based Costing is true? a)  Costs which change with…

A: In the activity level costing the indirect cost is allocated on the basis of their activity. for…

Q: List three factors that are important in selecting cost drivers for an ABC system.

A: Cost driver: It is one of the measurements that help the company in tracing directly the number of…

Q: 6. The Fixed and variable costs are costs classification according to: A) Cost traceability B)…

A: Fixed cost refers to the costs which remain fixed or constant with the increase or decrease in the…

Q: Describe ABC Required: a. What is activity-based costing and how does it differ from traditional…

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

Q: How is activity-based costing (ABC) different from traditional cost systems?

A: Cost accounting is a branch of accounting in which all costs are analysed and accumulated to…

Q: In an activity-based costing approach, a factor that causes costs is known as a а. cost activator O…

A: Cost driver is the main root cause for the occurrence of cost. It has a higher impact on the total…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

Q: describe the basic objectives in the use of standard costs.

A: Standard costing indicates the process where the management estimates the required cost is advance…

Q: What are the advantages and disadvantages of ABC relative to the step-down method of cost…

A: ABC means Activity Based Costing. Costs will be allocated based on the activities the organization…

Q: The following statements are correct excerpt? A. Different costs are used for different purposes B.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: :Under activity-based costing, the process of assigning costs to cost objects is called First stage…

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

Q: (a) Explain the difference between the throughput and absorption costing methods.

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

Q: difference between absorption costing and variable costing

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: 1. Define the acțivity based costing system.

A: Activity-based costing or ABC is a system to find out the cost of a product.

Q: What is standard cost ? Explain four purposes of standard costing.    NB: This concept should be in…

A: Solution:- Standard cost means as follows under:-

Q: Discuss the basic difference between absorption costing and variable costing from a product-costing…

A: It is a technique of costing wherein: All variable manufacturing costs ( like direct material,…

Q: key different in accounting for costs between absorption and variable costing

A: Absorption costing and variable costing are two methods of costing products.

Q: 2. For purposes of making decisi

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

Q: It is referred to as anything for which a separate measurement of costs is desired A. Cost object B.…

A: Cost is the amount spent on anything. Costing is estimating or projecting the Total Cost Cost…

Q: Briefly explain the difference between absorption costing and variable costing.

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

Q: 1. What are the key cost categories in the traditional view?

A: Traditional view is the type of costing wherein the allocation of factory overheads is done based on…

Q: Contrast the productcosts computed under activitybased costing and conventionalcosting methods

A: ABC Costing: The Activity-Based costing system is a way of assigning a cost to the product and…