industry cost standards

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: 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: Which of the following is the proper sequence of events in an activity-based costing system? A.…

A: Activity-Based Costing or ABC is a managerial accounting method that assigns certain indirect…

Q: The target costing is a cost management technique. Discuss the advantages of using this technique…

A: Definition:   Target costing: A costing system that emphasizes on the minimization of existing and…

Q: Why is it important to consider the relationship among cost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

Q: What is activity base cost management?

A: Activity-based costing commonly referred to as ABC is a part of cost accounting. Cost accounting is…

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: Define and explain the cost management information system's two major subsystems.

A: Cost management information system refers to the system which is related with the manufacturing the…

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 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: Explain Classifying Costs for Manufacturing Environments?

A: The costs are classified in the manufacturing environment as follows: Based on nature: Direct…

Q: Are activity-based costing systems appropriate for the service industry? Explain.

A:

Q: Explain whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: Discuss the concept of total cost management (TCM) model and its importance to BPO in identifying…

A: Total cost management (TCM) is a concept which aims at understanding the costs of an organization…

Q: Define constraint resources within a manufacturing company ?

A: Constraint Resources In a simple term constraint resources is defined as it is a shorter span of…

Q: Describe how life-cycle costing facilitates strategic management.

A: Life cycle costing:   Life cycle costing is an economic analysis used by the selection of…

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: explain the cost management information system's two major subsystems

A: The cost management information system's primary goal is to generate outputs for internal users. To…

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: Define the term traditional cost accounting.

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

Q: What are the uses for activity-based cost information in service industries?

A: Costing method is a method in which the total cost of the product is calculated.

Q: What is standard costing, and when is it used? Give an example of a well-known company that you…

A: Standard Costing:   It is an accounting system that is used by organization to identify the…

Q: Systems Concepts, Traditional versus Activity-Based Cost Accounting Systems The following items are…

A: Activity-based costing represents the costing method that assigned the cost to each activity based…

Q: Explain how unit standards

A: Setting unit standards 1)In Standard price system the quantities and value square measure budgeted…

Q: Using a CPA firm to represent the service industry, discuss how activity-based costing could be used…

A:

Q: cost

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

Q: how to solve plantwide overhead rate versus departmental rates, effects on pricing decisions?

A: Since there are multiple sub parts in the question, calculation will be given for first three sub…

Q: Explain the features of cost management.

A: Cost management is a process of planning and controlling the costs of a business organisation. This…

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

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: How cost accounting is useful for external user as Government ,and customer etc,support your answer…

A: Cost accounting gives complete details of the cost incurred in the manufacturing of the product and…

Q: What is the strategic role of a costing system?

A: Introduction: A costing program is designed to tract the costs a company have incurred. The system…

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

A: A cost accounting system is a system of…

Q: Are the concepts underlying a relevant-cost analysis still valid in an advanced manufacturing…

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Considering the cost method to utilize in any given manufacturing setting, what considerations…

A: The cost method to utilize in any given manufacturing setting, what considerations should be…

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 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: Manufacturers have established a cost classification called product costs. Define the term "product…

A: Product costs - These are the costs incurred to manufacture an item. Costs incurred to manufacture a…

Q: Describe value engineering and its role in target costing.

A: Value engineering is a cost management method that re-examines the activity of the production to…

Q: What company circumstances especially encourage use of activity-based costing?

A: Activity based costing helps in assignment of indirect costs and overheads that helps companies in…

Q: Costs that can be conveniently and economically traced to specific products are called: Direct costs…

A: Direct cost means the cost which is related with production of goods including factory overhead…