List four reasons for using standard costs.

Q: List at least two positive and two negative features of standard costing systems.

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

Q: a) Define fixed, variable and semi-variable costs and give an example of each.

A: Since you have posted multiple questions we will do the first one for you. To get the remaining…

Q: What is cost-allocation base? Give three examples?

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With the…

Q: discuss the various costing methods?

A: Various Methods of costing are as follows: 1) Unit Costing 2) Operating Costing 3) Contract Costing…

Q: Which of the following represent the right process order for cost allocation: Select one: O a.…

A: Cost Allocation is the process of identifying and assigning costs to the various cost objects. These…

Q: Assign costs to unitsusing the FIFO method.

A: FIFO Method:   It is a method of inventory costing where the inventory purchased first is the first…

Q: Q.List four reasons for using standard costs

A:

Q: Define cost object and give three examples?

A: A cost object can be defined as something to which the management feels the need to seperately…

Q: Explain any TWO advantages and TWO disadvantages of standard costing analysis

A: Standard costing is the way to allocate the costs to the activities like for materials, labor or…

Q: Describe three alternative cost-plus pricing methods.

A: Target Costing:Target costing refers to the cost that is ascertained as per the needs and wants of…

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: Define cost tracing? Give three examples?

A: Cost tracking: Cost tracking means the historical record of all the information of cost as it is…

Q: Costs associated with the quality of conformance can be broken down into four broad groups. What are…

A: Quality of conformance refers to the ability of a product or a service to meet its customer…

Q: Identify the costs included under variable costing.

A: The costs can be distinguished as variable and fixed costs.

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: 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: What is costing system refinement? Describe three guidelines for refinement.

A: Broad averaging is also known as peanut butter cost is a costing approach of distributing the…

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: List three factors that are important in selecting cost drivers for an ABC system.

A: Cost driver: It is one of the measurements that help the company in tracing directly the number of…

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: Classify each cost item of Pick, AUM branch, as variable, fixed or semi-variable.

A: Types of Cost 1. Variable Cost: The cost which vary with the variation in the volume of output is…

Q: ILLUSTRATE THE VARIOUS COST CLASSIFICATIONS. (PLEASE INCLUDE PHOTOS OR TEXT FOR THE EXPLANATION)…

A: Direct costs These are the costs   a company can easily  relate  to a specific  cost object.…

Q: Define Full-cost method.

A:

Q: Compare actual and normal costing. What is the benefit of each? What is a circumstance in which each…

A: Actual Costing: Actual costing is a cost bookkeeping framework that utilizes genuine cost,…

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: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: Define cost pool with three examples?

A: Cost pool: The cost accountant make individual group of all the indirect cost used in an item. In…

Q: Produce a table of A-Design's different costs and classify them.

A: Cost classification is the classification which are made by the company so that in can be better…

Q: 6. Discuss the advantages of standard cost. Define different level of activities with example in ABC…

A: Standard cost is the cost that is predetermined by the company that is used to identify the…

Q: Identify and discuss the four kinds of quality costs.

A: Remediating item gives identified with quality. Quality expenses don't include basically overhauling…

Q: Briefly explain the difference between absorption costing and variable costing.

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

Q: List four reasons often cited for the widespread use of absorption cost as the cost base in…

A: Cost-plus-pricing approach: The pricing approach used by the companies to set the target selling…

Q: Describe three guidelines for costing system refinement.?

A: Definition:   Cost system refinement: Cost system refinement associates the overhead cost of…

Q: List and define the four types of quality costs.

A: Definition:   Product costs: Product costs are the costs which are incurred in the production of the…

Q: Give examples of three different levels of costs in a customer-cost hierarchy.

A: Customer Cost Hierarchy: Customer cost hierarchy is a method that helps in the categorization of…

Q: List the four common cost bases used in cost-plus pricing. How can they all result in the same…

A: The profits can be arrived from the income statement of the company. All the revenues, and expenses…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.