Describe cost constraint and materiality constraint by giving your own examples.

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

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Q: Give me a model How Efficient is the Engineering Estimation Technique for Cost Estimation?

A: At whatever point we build up a product project, principle addresses that emerge to us is the amount…

Q: Explain the implementation issues of the cost estimation methods

A: Cost estimation is the process of determining the probable cost of a product before starting the…

Q: Give some examples of Fixed Costs?

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: Define value engineering. How is it used to control costs?

A: Value engineering also called value analysis refers to the process of increasing quality of the…

Q: Explain how a scatter graph is used to identify and measure cost behavior.

A: A Scatter graph is a graphical tool that plots activity level on the x-axis and matches total cost…

Q: Describe the visual-fit method of cost estimation. What are the main strengths and weaknesses of…

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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: Explain the difference between fixed cost and variable cost? Support your answer with examples

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: What is a cost driver? Give one example?

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

Q: Explain the term supply chain and its importance to cost management?

A: Supply chain is a network of different activities, steps, processes, people, resources and…

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: Define cost drivers.

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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: Match the term with the co decentralized cost center

A: (1) Decentralized = This type of company typically promotes from within Reason: This type of company…

Q: Explain the term Variable costs?

A: Cost is the total amount that has to be paid for a product.

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: Define cost-allocation base?

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

Q: cost equation?

A: Consider the cost equation Y = a + bX, where, Y = Total cost a = Fixed cost. b = Variable cost per…

Q: Why there is a need to identify the standard co

A: Standard Cost A standard cost is an estimated expense that normally occurs during the production of…

Q: What two assumptions are frequently made when estimating a cost function?

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

Q: Define prime costs with an example?

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

Q: What is the difference between a structural cost driver and an executional cost driver? Provide…

A: Cost driver: cost driver is a particular unit or specific activity that is responsible for a change…

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: Define cost allocation?

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

Q: How is uniform cost search different from plain BFS?

A: UCS : Uniform Cost Search is an uninformed search algorithm. It cannot deal with a heuristic…

Q: Discuss the difference between the revaluation model and cost model in detail.

A: Revaluation model and cost model are two different models of subsequent measurement of invested…

Q: What is cost? Please explain it and with example please

A: What is cost? Please explain it and with example ?

Q: Define cost management.

A: Cost management is the process of planning and controlling costs in the right direction so that over…

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: 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: What is a cost object?

A: Introduction:

Q: Explain cost constraint and materiality constraint by giving your own examples.

A: Accounting constraints under the accounting field are boundaries or guidelines which are followed…

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.

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Q: Explain the difference between target price and target cost.

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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: Define a nonlinear cost function.

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

Q: Define the term opportunity cost, and give an example of one.

A: Opportunity cost: It is the benefit which is foregone by choosing next best alternative. In mutually…

Q: Explain the strategic role of cost estimation.

A: Cost estimation: Cost estimation is a technique that assist the management for taking strategic…

Q: What is the variable cost? Give an example.

A: Variable costs tend to vary in direct proportion to the volume of production. If a cost is variable,…

Q: Explain the implementation problems in cost estimation.

A: Cost estimation: It is the development of a defined relationship between cost object and cost…