Define the Term Skilled Producers & Sophisticated Consumers?

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: Identify and explain the components of management compensation and the trade-offsthat compensation…

A: Employment:   Under the contract of an employment, one party works for another party in exchange for…

Q: What are some tactical and strategic retail customer considerations?

A: Strategic management or business management is the science, art, and craft of preparing,…

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: Trace the development of the marketing concept and how it is implemented.

A: Marketing concept is defined as the preoccupied along with an idea of the satisfying the requirement…

Q: What are the main features of JIT production, and what are its benefits and costs?

A: Just-in-time:   Just-in-time system is a “demand pull” system, in which materials are obtained and…

Q: What is the value of customer relations and customer service?

A: Customer relations is the relationship with customer and the focus of which is to build customer…

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

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 the term make-or-buy (or outsourcing) analysis?

A: Make or buy: purchasing of goods from the outside vendors is called outsourcing.

Q: Explain Classifying Costs for Manufacturing Environments?

A: The costs are classified in the manufacturing environment as follows: Based on nature: Direct…

Q: What is the decision rule for selling a product as is or processing it further?

A: Definition:   Differential analysis: Differential analysis refers to the analysis of differential…

Q: How cost accounting is useful for external user as Government ,and customer etc.support your answer…

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: What is the significance of managerial economics in Accountancy?

A: Accountancy is related to summarizing, recording, classifying, analysing and bookkeeping the…

Q: Define recruiting and what are its representative cost driver?

A: Recruiting:Recruiting is the process of hiring qualified employees to make them work for the…

Q: What product cost is both a prime cost and a conversion cost?

A:

Q: Explain how the choice of the type of responsibility center (cost, revenue, profit, or investment)…

A:

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: define direct manufacturing-labor costs?

A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a…

Q: What are the uses for activity-based cost information in service industries?

A: Costing method is a method in which the total cost of the product is calculated.

Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: Identify and explain the managerial accountant’s primary objective in choosing a transfer-pricing…

A: Return on investment (ROI): Return on investment evaluates how efficiently the assets are used in…

Q: Describe the following approaches to pricing new products: skimming pricing, penetration pricing,…

A: Pricing decisions:   Pricing decisions is one of the most important and required decision for the…

Q: What is the chief difference between manufacturing and service industry firms?

A:

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: 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: What is cost management?

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

Q: Define Product costs.

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

Q: the uses of cost information in decision making to managers

A: Cost: It is a value related to the product that determines its purchasing value. A cost, in general,…

Q: What is the strategic role of a costing system?

A: Introduction: A costing program is designed to tract the costs a company have incurred. The system…

Q: What is importants of Price and quality?

A: Price plays an important role for buyers and sellers both because the seller wants to charge a high…

Q: What is product costs? Give an example?

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

Q: What is the definition of a cost object?

A: This question explains about the cost object.

Q: Define the term product pricing.

A: Managerial accounting:   Managerial accounting is more focused towards analyzing information and…

Q: Who are Self-service retailers?

A: Retailers: A retailer is an entity that sells merchandise like consumer goods, groceries, or cars…

Q: What is a customer preference map, and why is it useful?

A: Customer value: Customer value is simply what value a customer gets. By formula, it’s the difference…

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: 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: Define direct manufacturing-labor costs with an example?

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

Q: Describe value engineering and its role in target costing.

A: Value engineering is a cost management method that re-examines the activity of the production to…

Q: What does the target full product cost include?

A: Definition:   Target full product cost: The target cost is the maximum cost of a product that can…

Q: What is the difference between cost leadership and product differentiation?

A: Cost leadership is a one of the effective marketing strategies. Despite being highly effective in…

Q: What are product costs?

A: Product costs refer to the costs incurred by a business from manufacturing a product or providing a…

Q: What is the distinction between service and merchandisingcompanies?

A: Despite the fact that marketing organizations and administration organizations adjust to sound…

Q: How do companies determine target costs?

A: Identify the selling price using the market competitor.