Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.

Q: Explain what is Flow Cost Accounting, its nature.

A: Material flow cost accounting or flow cost accounting can be defined as a method used by firms and…

Q: What are the inventory accounts used in JIT costing?

A: JIT (Just-In-Time) inventory system is usually implemented in an organization to reduce the amount…

Q: Define product cost

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

Q: What is the standard cost income statement?

A:

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: Calculate the order quantity that would minimize the cost of item Z.

A: Economic order quantity (EOQ), is  the optimum amount of an item that should be ordered at any given…

Q: Explain the difference between direct costs and indirect cost

A: Direct cost is the cost incurred by the organization while performing their center business process…

Q: What is Re-order quantity? What is Re-order level? What is Maximum stocklevel? With respect to…

A: Inventory management consist of various levels namely re-order level, re-order quantity, maximum and…

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: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: What is Cost account payable

A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…

Q: What are ordering costs? What are setup costs? What are carrying costs? Provide examples of each…

A: Cost is the amount incurred on buying an item of getting a job done. There are various types of cost…

Q: bject:cost account

A: Cost of Production report states the cost per Equivalent unit produced and transferred and cost of…

Q: Define the term Cost approaches.

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

Q: Explain why the economic order quantity is the intersection of the ordering-cost curve and the…

A:

Q: What is cost accounting?

A: What is cost accounting?

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

Q: Define cost allocation?

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

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: Explain the impact of the cost-volume-profit connection on pricing strategy.

A: The cost volume profit analysis analyse the impact of the variable cost and fixed cost on the…

Q: Define Product costs.

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

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Differentiate between operating costs and administrative costs?

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

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: 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 cost management, and how does it differ from management accounting and cost accounting?

A: Cost accounting and management accounting are two different forms of accounting, that is being…

Q: A 'product' cost is a cost that is classified by:    a. behavior       b. function       c.…

A: The cost incurred on production directly or indirectly related to production is said to be product…

Q: What is the role of Cost Accounting in Price Determination ?

A: The primary difference between fixed as well as variable costs is made in cost accounting.…

Q: Describe consumption and production externalities.

A: An externality is a benefit or cost imposed on third party who had not agree to incur the monetary…

Q: What is the standard cost system?

A:

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

A:

Q: How do companies determine target costs?

A: Identify the selling price using the market competitor.