Identify and explain the components of management compensation and the trade-offsthat compensation designers make.

Q: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: Practice : a: Explain the importance of incentive systems for motivating performance. b: Identify…

A: In order to achieve the goal of the company, the organization should provide compensation program…

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 Role of environmental costing in improving organisational performance

A: Environmental Costing is an important tool for understanding the role played by the Natural…

Q: Cost management information should be timely and accurate. Which of these attributes is…

A:

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: Explain whether the production manager should be held accountable for each allocated cost as…

A: The performance of a manager should be evaluated using controllable costs only. All the other costs…

Q: A manager's needs regarding cost management and accuracy in product costing, and the underlying…

A: Definition: Product Cost: Product cost is the total quantitative value of all the efforts and…

Q: Why do technical analysis? Explain how and why technicians utilize it, and how it may assist time…

A: Technical analysis is a type of analysis that is used to predict the changes in the market.…

Q: management consider in determining the amount of onvestment in ma

A:

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

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: Explain the role of value engineering in target costing.

A: Value engineering’s main motive is to reduce the cost and to provide good quality products that will…

Q: When evaluating the performance of a manager, why shouldfixed costs be divided into the categories…

A: Controllable expenditure: Controllable expenditure is an expenditure that is directly controllable…

Q: Discuss two potential uses of the ABC cost information for decision-making, to the managers

A: Activity based costing (ABC): It is generally called ABC costing. This method is used in assigning…

Q: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit…

A: Responsibility Centre:   A responsibility centre is used to show the financial performance of all…

Q: Explain how the choice of the type of responsibility center (cost, revenue, profit, or investment)…

A:

Q: Discuss several ways in which standard-costing systems should be adapted in today’s manufacturing…

A: Below are some of the ways in which standard-costing systems should be adapted in today's…

Q: Discuss standard costs and indicate how they can be used by management in planning and control.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: differentiate between job and contract costing

A: Answer : JOB COSTING = Job costing is an accounting method which track the cost of individual…

Q: Describe the qualities and aims of cost accounting, as well as the purpose and significance of a…

A: The Definition of Cost AccountingCA is a field of accounting that focuses on cost and derives all…

Q: For a manufacturer, what does the planning process involve, and how is cost accounting information…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Explain how CVP analysis can be used for managerial planning?

A: Management planning includes various types of analysis to be done on product costs, sales price,…

Q: Describe ways the production cost report can be used by management.

A: Production Cost Report: A report which gives information about the total units produced and total…

Q: What is the most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

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: What are the ethical considerations in the application of activity based costing

A: Activity based costing  is a costing method used to find out cost of every activity of all products…

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: How do strategic factors affect the proper use of relevant cost analysis?

A: Relevant cost analysis is the process of identifying the incremental cost and benefits of deciding…

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

A: Cost accountants are responsible for all internal accounting data within a company. These people are…

Q: What are the essential factors for installing a cost accounting system? Explain

A: A cost accounting system is a system of…

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

A: The Answer :

Q: Identify and discuss the factors that affect the focus and practice of cost management.

A: The practice of managing and organizing the expenses associated with running a firm is known as cost…

Q: Describe three different ways in which managers determine cost behavior, which do you think is most…

A: Cost behavior analysis: It is the investigation of how certain expenses carry on in a business.…

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

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