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

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

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: Explain the role of unit cost in task order pricing.

A: Task orders refer to the contract made for specific and separate orders. These are the small…

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: Define data processing and what are its representative cost driver?

A: Data processing:Data processing generally converts raw data into a desired and used format that can…

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: 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: Define Cost effectiveness.

A: Cost effectiveness refers to the examination of both cost and health outcomes of different course of…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: What are cost-control processes?

A: In every business, cost is the most relevant and sensitive data that every management wants to…

Q: How cost accounting covers the problem of price assessment

A: Cost Accounting Cost accounting is also a form of group action accounting that aims to capture a…

Q: Define cost drivers.

A:

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

Q: What is simple costing system?

A: A costing system is used to monitor costs of the business. System is made up of sets, forms,…

Q: What are the differences between cost accounting and cost management?

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

Q: Whose job is it to refine a costing system?

A: The costing system is designed for monitoring the cost incurred in different activities by an…

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: What is simple costing system? Explain?

A: Costing system: Costing system is a process used to determine the cost of the product for better…

Q: Define the term traditional cost accounting.

A: Traditional costing is described as all of the overhead prices are assembled collectively and then…

Q: cost

A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…

Q: What is cost accounting?

A: What is cost accounting?

Q: Define cost allocation?

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

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: Explain Classifying Costs for Predicting Cost Behavior?

A:

Q: What is cost approach measurement?

A: A process that involves finding out the economic value or the fair value of a business entity refers…

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: What is cost stickiness? Why do managers need to be aware of cost stickiness?

A:

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: Define cost tracing?

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

Q: Define the term product pricing.

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

Q: What is a costing system?

A:

Q: What is cost hierarchy?

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: What criteria might managers use to guide cost-allocation decisions? Which are the dominant…

A: Cost Allocation:The process of assigning the cost to the cost object is cost allocation. The cost…

Q: Describe factors for measuring cost allocation.

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

Q: Explain Consumer Behaviour and  Costs.

A: Behaviour is the way in which one acts or conducts oneself, especially towards others.

Q: What Is Total Cost Reporting?

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

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: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?

A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting  There is…