how important does the owner /manager believe cost information is the success of the business?

Q: What are the main principles of managerial accounting?

A: Managerial Accounting: Managerial Accounting is the type of accounting that provides financial…

Q: Why is cost estimation an important function in managerial accounting?

A: Cost estimation involves predicting the cost to be incurred for the production of goods and services…

Q: objective of Managerial Accounting?

A: Managerial accounting is the system in which the method of accounting provides such statements or…

Q: Comprehend and Apply the elements of costing to the job environment. Evaluate and Integrate the…

A: costing is system for assigning the cost to the business and its element. costing involved…

Q: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

Q: Explain the contemporary business environment and how it has influenced costmanagement.

A: The business environment that is extremely competitive and creates a performance pressure on the…

Q: provide an example of a function/operation that is a cost for a company

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

Q: What is opportunity cost and how does it affect the decision-making process for business decisions?

A: Discuss the opportunity cost and the way how it affects the decision making process for business…

Q: When it comes to cost behavior,

A: Cost Behavior is that the amendment within the behavior of a price (or costs) thanks to a amendment…

Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…

A: Accounting is the method by which the transactions of the business can be recorded so that the…

Q: Explain different costing and pricing methods to make business decisions.

A: Decision-making process: Decision making can be defined as the process of making choices through…

Q: Which of the following major activities of a business will result in product costs? Multiple Choice…

A: The costs that can be directly attributable to the produced goods are called product costs.

Q: Should we evaluate a production manager’s performance on the basis of operating expenses? Why?

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: Describe the concept of management by exception and explain how standard costs help managers apply…

A:

Q: What is meant by a product’s contribution margin ratio? How is this ratio useful in planning…

A: Contribution margin is the sales revenue of the business after deduction of variable costs from…

Q: How is managerial accounting useful

A: Introduction: Accounting; Accounting is an art of recording, classifying,  summarizing and…

Q: Compute profit margin and describe its use in analyzing company performance.

A: Profit margin indicates how many cents of profit generated for each dollar of sale. It measures the…

Q: What is the difference between the selling price,cost of sales and labour costs of an informal and…

A: The abbreviations CP and SP stand for Cost Price and Selling Price, respectively. The cost price of…

Q: Why is knowledge of cost behavior important for managerial decision making? Give an example to…

A: Meaning of Managerial decision making  Every organization have the planned goals which are to be…

Q: What is the similarities and defference between cost accontant, management accountant and fanincial…

A: Cost accountant deals with ascertainment, allocation, recording and analysis of accounting data. It…

Q: chicken. What is the impact on the cost? Briefly explain your steps to solve this business problem.

A: Government and industry regulations can affect the sales price of many products and services in many…

Q: compare service concern from merchandising business as a far as the manner of generating income and…

A: Different types of business organizations includes manufacturing business, service business, and…

Q: List the advantages and disadvantages of different types of business. Explain the various costs…

A: Business organization refers to the formation of an entity with an objective to have higher profits…

Q: Why do managers need to know the cost of their products?

A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…

Q: Knowing how costs behave to change in the level of activity is useful to management for all the…

A: Customer demand cannot be predicted by paying attention to how costs change when activity changes.…

Q: A business that is just starting out and is uncertain about what the sales levels will be would…

A: Fixed cost is the cost that does not change with the change in the output. Whereas, variable cost…

Q: How would a knowledge of cost behavior patterns such as those above be of help to a manager in…

A: The question is based on the concept of cost determination and the behaviour in the cost budget. A…

Q: What is the primary purpose of managerial accounting?

A: It is a branch of accounting that gives aid to management, as it provides relevant information that…

Q: Explain cost concepts it is relevant for the company to be aware of in decision situations such as.…

A: Here discuss about the details of the various costs which are incurred to the business entity which…

Q: What is the difference between cost of sales,selling price,labour costs in a formal business

A: Variable cost: It is the cost that changes with the change in level of unit

Q: Evaluate cost factors influencing a company's decision.

A: Cost factor is the factor or an element which is related to unit of product for which some amount of…

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: Choose the most appropriate answer(s): Calculation of product cost, gathering information for…

A: SOLUTION-   EXPLANATION- COST ACCOUNTING IS AN ACCOUNTING METHOD THAT AIMS TO CAPTURE A COMPANY'S…

Q: What is meant by customer-profitability analysis? Give an example of an activity that might be…

A: Customer Profitability Analysis:  It is the process of ascertaining the amount of revenue earned…

Q: What is cost principle and give example of business situation of it

A: The cost principle is an accounting principle that requires assets, liabilities, and equity…

Q: How we are going to use Managerial Accounting in practical life?

A: Managerial Accounting:- It is a practice of accounting that helps managers or management to provide…

Q: In the context of a real-life company, an identification and discussion of the different types of…

A: The question is related to Cost Accounting. Cost  is the amount of resource given up in exchange of…

Q: Mr. Ahmed is responsible for appropriate product design, pricing policy, delivery, and services to…

A: Mr. Ahmed is responsible for appropriate product design, pricing policy, delivery, and services to…

Q: Why is knowledge of cost behaviour important for managerial decesion making ? Give an example to…

A: The company's motive will be to increase the profitability. The profitability of the company can be…

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: What are the benefits enjoyed by tourism firm by adopting cost accounting?

A: cost accounting -    cost accounting is the recording classifying summarizing and analyzing the…

Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…

Q: How do organizations use pay for performance to motivate managers?

A:

Q: what is managerial accounting and why could it be important in your present and future plans as a…

A: Management Accounting is the field of accounting which deals to present the necessary accounting…