Give two examples of a value-added cost and two examples of a non-value-added cost.

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Identify the two types of costs that make upa product’s total cost.

A: Product costs are costs that are incurred to form a product that's supposed available to customers.…

Q: Define the following concepts: a)Prime cost    b) Non production cost

A: All costs incurred are categorised into production and non production cost on the basis of the…

Q: Distinguish between escapable and inescapable costs. Give an example of each.

A:

Q: Understand thedifferences between directand indirect costs

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: What are the three ways contribution margin can be expressed?

A: Contribution Margin: The process or theory which is used to judge the benefit given by each unit of…

Q: Which of the following best describes a fixed cost? a. Cost representing a fixed proportion of…

A: Fixed Cost: It is a cost that does not change with the change in the level of output. It is the…

Q: Explain the distinctions between implicit and explicit costs in four points.

A: The costs in the business are classified as implicit costs and explicit costs.

Q: What is the difference between a direct cost and an opportunity cost.  Can you show the difference…

A: Direct cost and opportunity cost are two types of costs used in cost accounting.

Q: From the following data find (A) material cost, (B) price cost, (C) direct cost,

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Give the general formula for a mixed cost

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: Give an example of cost which is a part of unavoidable cost.

A: Unavoidable costs are costs which cannot be avoided by discontinuing a product line or which cannot…

Q: Using the high-low method, determine the cost function for each cost?

A: High low method of cost estimation says that costs at highest level and lowest level are to be taken…

Q: Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also…

A: Relevant costs: These costs can be defined as the costs that can be avoided if we choose over option…

Q: A direct costs is a cost that is:

A: Solution:- B) Option "B" is the correct answer Reason:- A direct cost is the that is identifiable as…

Q: Giving examples, distinguish between  Direct costs and indirect costs

A: Direct Costs are the costs that can be directly traced with the goods produced. It generally…

Q: a) Classify each cost element as either fixed, variable, or mixed

A: Cost Accounting: Fixed Cost: The cost which constant for the year and there is no impact of any…

Q: Distinguish between a traceable fixed cost and a common fixed cost. Give several examples of each.

A: Introduction Fixed cost is the cost which will not change according to the production. Even though…

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Costing - Absorption costing is the costing also known as Full Costing. Cost Behavior - Cost…

Q: Distinguish between a traceable cost and a common cost. Give several examples of each.

A: Fixed Expense:   It is the expense incurred by a company not related to the volume of output…

Q: Giving examples, distinguish between Prime costs and Marginal costs

A: Prime costs are the firm total expenses directly related to the materials and labour used in…

Q: List and explain three kinds of fixed costs and three variable cost

A: As the profit is determined after considering the cost. There are two important costs that is…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

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

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 the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: The term cost refers to the monetary value of expenditure for raw materials, technology, supplies,…

Q: Define the term total costs.

A: Costs: Costs refer to the expenses incurred by the business in the procurement of the materials,…

Q: Define the term contribution margin ratio.

A: Contribution margin is the measure of ability of the company to cover its variable costs with the…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: Explain the difference between a cost standard and an efficiency standard. Give an example of each.

A: Cost standard: This refers to the cost expected to be incurred for a given level of output.…

Q: Explain the major reasons for allocating costs.

A: The entity allocates its cost by using a different measure. The cost that is allocated is common and…

Q: Describe three alternative linear cost functions.

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

Q: Name three factors that will affect the classification of a cost as direct or indirect?

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

Q: Identify each of these costs as fixed, variable, or mixed.

A:

Q: Name three factors that will affect the classication of a cost as direct or indirect.

A: Cost: Cost refers to the expense incurred by the business to earn revenue from sales. In other…

Q: List three methods to measure cost behavior.

A:

Q: Complete the sentence: In a modified B/C (Benefit/Cost) Ratio... Select one: o a.disbenefits are put…

A: Answer: The correct option is option (c). The M&O costs are put in the numerator.

Q: example of lower of cost or net realizable value and explain

A: The concept of lower of cost or net realizable value says that the amount of inventory should be…

Q: Express the two ways of contribution margin?

A: Contribution margin is the difference between the sales revenue and the variable costs.

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: Give four differences between implicit cost and explicit cost?

A: Explicit cost: Explicit cost refers that, a direct payment made by firm to others in course of…

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: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…

A: As posted multiple questions we are answering only first question kindly repost the unanswered…

Q: Discuss the following methods used in measuring cost and rent recoveries             (i)…

A: Cost measurement is necessary to know that how much cost is incurred either to manufacture or a…