Define Cost effectiveness.

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

Q: Define product cost with an example?

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Define initial direct costs.

A: Initial direct cost: A cost that is incurred during the process of initiating the agreement of lease…

Q: Define product cost

A: Direct costs is referred to as the cost which can be traceable to a product directly. Example,…

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: Cost behavior and relevant range are terms under cost accounting. Cost behavior studies the pattern…

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: Describe the uses of cost-plus pricing.

A: Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling…

Q: Define the term contribution margin.

A: Contribution margin is defined as the term which determines the profitability of the individual…

Q: What are cost-control processes?

A: In every business, cost is the most relevant and sensitive data that every management wants to…

Q: Give the conclusion in the given cost of quality

A: In the given case the failure costs amount to 56% of total cost of quality ... These costs can be…

Q: Distinguish between a cost center, a profit center, and an investment center

A: Definition: Responsibility center: A department or unit of a corporation where the management…

Q: Define cost structure.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Define relevant cost.

A: Relevant cost is a cost which can be changed with change in selection of a alternative decision.…

Q: Which type of cost center has a planning focus, and which type has an evaluation focus?

A: Cost Center: It is a department within an organization to which costs can be assigned.

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: What is this cost allocation?

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Define cost-allocation base?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Define total productive efficiency

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Describe the components of contribution margin.

A: Contribution Margin: Contribution Margin refers to the margin of profit expected by the company. The…

Q: Define conversion costs?

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Define the term total costs.

A: Costs: Costs refer to the expenses incurred by the business in the procurement of the materials,…

Q: Define Cost recovery method

A: Cost recovery is a method in accounting wherein a business only records the revenue it earns from a…

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: Discuss ROPs and to tal costs.

A: Answer: ROP is defined as reorder point. This is the inventory level that is to be maintained at the…

Q: Identify the output and input variables in both the bottom-up and top-down strategies to cost…

A: Bottom ups of the cost estimate are the most accurate cost estimation process wherein every minute…

Q: Define cost allocation?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: are measures of activities that require the use of resources and thereby cause costs Value Chain…

A: Solution: Cost drivers are measure of activities that requires the use of resources and thereby…

Q: Define Product costs.

A: Product costs refers to cost which is incurred for creation of product.

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: Define cost pool?

A: Step 1 The amount of money expended on producing a particular product is referred to as cost. Direct…

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: Explain an example of value added cost.

A: value-added costs: A value-added costs  add to the desirability of the product or services in the…

Q: Explain standard costs.

A:

Q: Define prime cost and conversion cost.

A: Prime cost and conversion cost are the two most important concepts of cost accounting. These…

Q: Describe briefly the importance of Cost-Benefit Analysis in the selection or development of a…

A: Cost-benefit analysis is an approach to estimate the strengths and weaknesses of a system and…

Q: Explain one example of the cost driver.

A: Cost drivers are used in Activity Based Costing. Cost drivers are used to allocate overhead costs to…

Q: Explain contribution margin.

A: Contribution Margin is the amount of revenue available after variable costs to cover fixed expenses…