How can the work-in-process concept be viewed?

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 unit-level, batch-level, product-level, customer-level, and organization-sustaining…

A: ABC method: ABC method is activity based cost accounting. It's the new method of accounting where…

Q: Explain the Activity Hierarchies with example?

A: Activity hierarchy is a system that is used in the activity based account to keep track on the…

Q: What tasks are aided by a work sheet?

A: Worksheet: A worksheet is a document that is used internally by companies to help with adjusting and…

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: What are the major functions performed by the OE/S process?  Explain each functions.

A: Order-to-cash process or revenue process is the process undertaken for making sales and receiving…

Q: Explain the term work in process.

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

Q: How are equipment setups classified? Batch-level activity Product-level activity Facility-level…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Why are top management support and cross-functional involvement crucial when attempting to implement…

A: Activity based costing system is a form of costing system in which cost is analysed by dividing the…

Q: Distinguish between customer-response time and manufacturing cycle time.

A: Customer response time: Customer response time is the time lag between the receipt of an order and…

Q: What are cost-control processes?

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

Q: What is activity based management? Why is it important? taking example

A: Activity based management:Activity based management is the process of applying activity-based costs…

Q: construction in process account

A: Construction contracts are contracts made by one person with other to involve in construction…

Q: Define and explain the concept of cost accounting.

A: Introduction: An essential fee accounting device operates in real-time by monitoring raw materials…

Q: Why do engineers need cost data?

A: The question is based on the concept of cost in engineering projects.

Q: job costing system implementaion?

A: Job Costing System: The act of gathering information on the expenses associated with a particular…

Q: What is a responsibility center?

A: Responsibility center: Responsibility centers are the segment of an organization which is authorized…

Q: What is a production report? What purpose does this report serve?

A: Production refers to the sum total of value of goods created by an entity over a particular time…

Q: Describe the use of process costing.

A: Process Costing: Process costing is method of cost accounting in which all the costs that are…

Q: What document signals the completion of the production process?

A:

Q: What is meant by the term overhead application rate ?

A: Overhead: It refers to an ongoing or continuing expense that is centrally incurred by a company in…

Q: What are the major functions performed by the OE/S process?  Explain each function.

A:

Q: How much is Work in Process-Direct Labor?

A: Payroll The process of payroll to calculate the total labor hours which are included in the time…

Q: What is cost accounting?

A: What is cost accounting?

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

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 are the levels of operations performance?

A: There are three levels of operations performance is as follows: Societal level: Social activity is…

Q: What is the purpose of a production cost report?

A:

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 purpose of a responsibility accounting system?

A: Responsibility accounting system: the responsibility accounting system is an internal system that…

Q: Why do we require product, task order, and process cost data?

A: The Answer :

Q: Can services be delivered by means of process operations? Support your answer with an example.

A: Process Costing: Process costing is a method of cost accounting in which all the costs that are…

Q: What is a cost object?

A: Introduction:

Q: What is cost accounting system and operational control system?

A: Introduction: Cost accounting is the reporting and assessment of a company's cost structure. The…

Q: ntained in a product structure diagram?

A: Given: To analyse the information being present in the product structured information as follows,

Q: Define direct manufacturing-labor costs with an example?

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

Q: What are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: Define the term process costing.

A: Process Costing: Process costing is a method of costing used mainly in manufacturing where units are…

Q: Explain the features of cost accounting.

A: Cost accounting is a branch of accounting in which all the costs involved in manufacturing of a…

Portfolio Management

Portfolio management is the process by which an investor decides that how the person will invest in a variety of assets in order to get a desired return in the future. A portfolio means a pool of assets that includes securities, bonds, and other investment instruments which helps in risk minimization of the money that has been invested. In other words, it can be said that a portfolio means a combination of assets in which an investor decides to invest their money in order to get a lump sum return in the future or even a series of cash flow that the person is expecting at the end of their job life.