Define cost object and give three examples?

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: What is cost-allocation base? Give three examples?

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

Q: Discuss four example each of relevant cost and irrelevant cost.

A: Relevant cost are those cost which are pertinent to a decision. It is helpful in decision making.…

Q: Explain the distinctions between implicit and explicit costs in four points.

A: The costs in the business are classified as implicit costs and explicit costs.

Q: Cost is being classified  in a varity of ways, what benefits can be acquired out of this…

A: Classification by the management in their decision making is significant to help management in the…

Q: Describe three alternative cost-plus pricing methods.

A: Target Costing:Target costing refers to the cost that is ascertained as per the needs and wants of…

Q: Using the high-low method, determine the cost function for each cost?

A: High low method of cost estimation says that costs at highest level and lowest level are to be taken…

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 cost tracing? Give three examples?

A: Cost tracking: Cost tracking means the historical record of all the information of cost as it is…

Q: Distinguish between a traceable cost and a common cost. Give several examples of each.

A: Fixed Expense:   It is the expense incurred by a company not related to the volume of output…

Q: List and explain three kinds of fixed costs and three variable cost

A: As the profit is determined after considering the cost. There are two important costs that is…

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: Describe three alternatives of cost-plus pricing methods?

A: Cost-plus pricing is a method in which the selling price is set by evaluating all variable costs a…

Q: Question 1: Differentiate between standard cost and estimated cost.

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

Q: Describe variable costs and fixed costs and give an example of each.

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

Q: Describe four levels of a cost hierarchy.

A: Cost Hierarchy: Cost hierarchy is a used to classify the cost pool on different basis to determine…

Q: Explain a linear cost function.

A: A function where the cost depends linearly upon the number of units produced is called a linear cost…

Q: What is cost allocation? Give three examples?

A: Cost allocation :Cost allocation is the allocation of cost to several cost objects such as…

Q: Explain the difference between a cost standard and an efficiency standard. Give an example of each.

A: Cost standard: This refers to the cost expected to be incurred for a given level of output.…

Q: Define Full-cost method.

A:

Q: Describe three alternative linear cost functions.

A: Cost Function: Cost function represents the basic change comes in the total cost due to the change…

Q: Identify each of these costs as fixed, variable, or mixed.

A:

Q: Define cost pool with three examples?

A: Cost pool: The cost accountant make individual group of all the indirect cost used in an item. In…

Q: Cost; (ii) Cost Objects; (iii) Cost Driver

A: Cost, cost objects and cost driver are the terms used in cost accounting in determining the cost of…

Q: What are three common features of cost accounting

A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…

Q: List three methods to measure cost behavior.

A:

Q: What are the three key features of cost accounting?

A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…

Q: Y,a,b and X explain these with help of examples according to cost behaviour

A: Cost behavior analysis helps to understand the change in the total cost with respect to the change…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

A: Cost Function:   Cost function represents the basic change comes in the total cost due to the change…

Q: Give four differences between implicit cost and explicit cost?

A: Explicit cost: Explicit cost refers that, a direct payment made by firm to others in course of…

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: Discuss five areas where the concept of cost behavior is applied

A: Management's endeavor to understand how operating expenses change in response to a change in an…

Q: Explain standard costs.

A:

Q: List four reasons for using standard costs.

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

Q: Define prime cost and conversion cost.

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

Q: Name four approaches to estimating a cost function.

A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.