Do you think it is possible to set standard for delivery of service, which are primarily dictated by cost? List the service where standard can be set

Q: Why is it important to consider the relationships amongcost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

Q: What modifications are made to the cost classification of product costs in estimating service costs?

A: Cost classification refers to the separation of various expenses into different categories. It is…

Q: What are the importance of setting service standards

A: Service standards are important for potential customers, prospective consumers, staff, and…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: Explain the importance of setting standards for delivery of service.

A: The corporation used to set standards for rendering services to its client to provide them greater…

Q: Why is it important to consider the relationship among cost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

Q: Explain the difference between service cost and prior service cost.

A: Service cost: The present value of the investment made by the beneficiary and the employer in the…

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: What is service cost, and what is the basis of its measurement?

A: Service cost: Actuarial present value of benefit attributed by the pension benefit formula to…

Q: The measure of how well a product meets its requirements or specifications is called: * O Quality of…

A: While providing goods and services to customers, every seller wants that the quality of the products…

Q: Why is it important to keep track of both direct and indirect costs? How do these costs effect…

A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…

Q: What does the word "overhead application rate" mean?

A: Overhead is a term that refers to a continuous   The term "overhead application rate" refers to the…

Q: What is the purpose of using standard costs?

A:

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 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: Why is it important to know the true cost for a product or service?

A: True Cost and its importance The meaning of true cost is simple term is the the distinguish between…

Q: In order to analyze the c-v-p relationship , what types of costs should be classified ? Why?

A: C-V-P relationship means the cost volume and profit relationship. This is usually done to recognize…

Q: Explain how unit standards

A: Setting unit standards 1)In Standard price system the quantities and value square measure budgeted…

Q: need distrebution the cost of service centers to the production center.

A: Overhead is the cost that is directly involved in the production process of the company. It is…

Q: diffentiate between contract costing and service costing

A: Contract costing is the costing method adopted to do the cost accounting for a specific contract…

Q: Define standard costs and briefly indicate how they may beused by management in planning and…

A: Standard costs: Standard costs are the per-unit cost that is expected to be incurred under normal…

Q: Define cost allocation?

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

Q: Define the term cost per service.

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

Q: Is variable costing income statement applicable to service operations? If so, provide a hypothetical…

A: Absorption Costing The cost of absorption includes allocating to COGS all of the direct costs…

Q: What is costing system refinement?

A: Broad averaging is also known as peanut butter cost is a costing approach of distributing the…

Q: ritically discuss the many different purposes of a standard costing system

A: Standard costing Standard costing compares the standard prices and revenues with the actual results…

Q: Which of the following is not a dimension of designquality?A. CustomizationB. ServiceabilityC.…

A: The design quality is a technique that helps to serve as a strategic analysis. Its helps the…

Q: Describe the term “cost driver” and give an example. Describe the term “relevant range” and give an…

A: Cost driver and relevant range are two important terms that are used in accounting. Cost driver…

Q: Define standard costs and explain how standard cost information is useful formanagement by…

A: Standard costs: These are the costs which a company determines as a standard to attain its…

Q: What is the standard cost system?

A:

Q: Describe the term target costing.

A: Target costing: Target costing is a business procedure that targets at the earliest stages of new…

Q: Explain the ethical considerations to be taken care of while maintaining cost records.

A: Ethics of professional accountant:   This is a set of principles that an accountant follow to…

Q: Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a…

A: Note: As per our guidelines, only the first question can be answered.   Standard Cost & Its…

Q: Explain the benefits of standard costs.

A: Standard costs means budgeted or predetermined cost for a unit of a business. For example, in…