are measures of activities that require the use of resources and thereby cause costs Value Chain Costs Cost behavior Cost drivers

Q: Define opportunity costs and explain why they represent acommon source of error in making cost…

A:

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: basic principles in cost management explained Indirect costs Expenses which are  not readily…

Q: Explain the following as approaches to analysing the costs of the logistics function:  (i)…

A: Following are the analysis of costs of logistic functions: 1. Fixed Costs/Variable cost Fixed cost…

Q: Search about how technique is efficient Analysis at the account level to estimate cost.

A: technique is efficient Analysis at the account level to estimate cost.

Q: When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A)…

A: A measure of input or output that defines the amount of cost to be allocated to a specific cost…

Q: analysis? What are identified as possible risks associated with cost

A: Definition: A technique for calculating the costs related to a business prospect or proposal, as…

Q: How can the activity rates (i.e., cost per activity) for the various activities be used to target…

A: ABC is a costing technique under which the cost of a product is calculated according to the number…

Q: Explain the following terms: practical capacity, cost of resources supplied, cost of resources used,…

A: Resource: It refers to a supply that can be used for producing the benefits or by making use of…

Q: Cost management information should be timely and accurate. Which of these attributes is…

A:

Q: Explain whether the organization would produce the information when the expected costs is higher…

A:

Q: Cost behavior Costs Value Chain O Cost drivers

A: Answer: Cost behavior is defined as the changing nature of cost dependent on any units. Costs are of…

Q: Choose the correct answer: The outcome of resource utilization divided by the amount of resources…

A: Manufacturing cycle efficiency helps to measure the percentage of time spent in product…

Q: What are the challenges of using the incremental cost allocation method when allocating common costs…

A: Cost Allocation Method:   The cost allocation method is the method by which the costs to be assigned…

Q: Give an example of a common resource in an organization. List some of the opportunity costs…

A: Opportunity cost: Opportunity cost refers to the forgone revenue that could have been generated…

Q: Explain the relationship between the costs of flexible and committed resources, usage of resources,…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit…

A: Responsibility Centre:   A responsibility centre is used to show the financial performance of all…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

Q: What is value-chain analysis? What role does it play in strategic cost analysis?

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Q: activity cost pool is

A: First option is wrong because an activity cost pool is not a type of duration because it is a amount…

Q: Explain Classifying Costs for Predicting Cost Behavior?

A:

Q: Value chain classifications Match each of the following cost items with the value chain business…

A: Value Chain Analysis is an inbound logistics that includes a range of activities like receiving,…

Q: How do strategic factors affect the proper use of relevant cost analysis?

A: Relevant cost analysis is the process of identifying the incremental cost and benefits of deciding…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

Q: Why is it important to establish appropriate cost pools?

A: Activity cost pools are used in activity based costing which attempts to absorb overheads in a more…

Q: Describe the earned value management terms.

A: Introduction: The concept of earned value management  is an important tool both for the manager…

Q: Which of the following is not among the main uses of Activity-Based-Management ABM Select one: O a.…

A: Activity Based Management is a method or procedure of analysing profitability of the company by…

Q: Explain the Role of life cycle costing in improving organisational performance

A: Life cycle costing: It refers to the lifetime costs that is incurred on an item or an asset over its…

Q: What criteria might managers use to guide cost-allocation decisions? Which are the dominant…

A: Cost Allocation:The process of assigning the cost to the cost object is cost allocation. The cost…

Q: Explain the difference between resource spending and resource usage.

A: Resources: Resources are the economic elements that enable people to carry out activities. A…

Q: Describe the concepts of contribution margin, relevant range, and relevant costs

A: Solution:- Analysis the concepts of contribution margin, relevant range, and relevant costs as…

Q: Define research and development and what are its representative cost driver?

A: Cost drivers: It refers to the object or things which affect the costs of a business. For example,…

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: A determination of cost savings is most likely to be an objective of a

A: The answer is as fallows

Q: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?

A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting  There is…