Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Q: Identify the two types of costs that make upa product’s total cost.
A: Product costs are costs that are incurred to form a product that's supposed available to customers.…
Q: Describe three different purposes for computing product costs?
A: Product cost is the cost incurred to manufacture a product, it includes the material cost, labor…
Q: Define the following concepts: a)Prime cost    b) Non production cost
A: All costs incurred are categorised into production and non production cost on the basis of the…
Q: Relevant examples of direct and indirect costs
A: Relevant examples of direct and indirect costs.
Q: Distinguish between escapable and inescapable costs. Give an example of each.
A:
Q: what is an indirect cost and how is it different than a direct cost?
A: Indirect Cost: Indirect costs are the costs of doing business that are not easily identified with a…
Q: Understand thedifferences between directand indirect costs
A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…
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: What are the three ways contribution margin can be expressed?
A: Contribution Margin: The process or theory which is used to judge the benefit given by each unit of…
Q: Explain the distinctions between implicit and explicit costs in four points.
A: The costs in the business are classified as implicit costs and explicit costs.
Q: Cost is being classified  in a varity of ways, what benefits can be acquired out of this…
A: Classification by the management in their decision making is significant to help management in the…
Q: What is the cost measurement? cost accumulation? what is the difference between the two?
A: Cost is the monetary value of an item or a service. While producing an item, there may be various…
Q: Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also…
A: Relevant costs: These costs can be defined as the costs that can be avoided if we choose over option…
Q: A direct costs is a cost that is:
A: Solution:- B) Option "B" is the correct answer Reason:- A direct cost is the that is identifiable as…
Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost
A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…
Q: Giving examples, distinguish between  Direct costs and indirect costs
A: Direct Costs are the costs that can be directly traced with the goods produced. It generally…
Q: Distinguish between a traceable cost and a common cost. Give several examples of each.
A: Fixed Expense:   It is the expense incurred by a company not related to the volume of output…
Q: What costs are assigned to a segment under the contribution approach?
A: Contribution approach is approach used to present income statement in which all the variable costs…
Q: Why is it important to keep track of both direct and indirect costs? How do these costs effect…
A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…
Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost
A: The term cost refers to the monetary value of expenditure for raw materials, technology, supplies,…
Q: What is cost allocation? Give three examples?
A: Cost allocation :Cost allocation is the allocation of cost to several cost objects such as…
Q: True or False. Direct costs can be specifically traced to a cost object.
A: Direct costs, as the name suggests are the costs that can be directly attributed to a cost object.…
Q: Describe the concept of the INITIAL DIRECT COSTS?
A: Definition:   Initial direct costs: Initial direct costs refer to the costs that a lessor incurs…
Q: How is it possible for a cost that is traceable to a segment to become a common cost if thesegment…
A: Fixed Cost: It is a cost which is constant in the short run, it is not related to any change in the…
Q: What are the three primary cost flow assumptions? How does the specific identification method differ…
A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…
Q: Give an example of cost which is a part of unavoidable cost.
A: Unavoidable fixed costs are fixed costs that cannot be avoided by discontinuing a product line or…
Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…
A: Following is the answer to the given question
Q: What are “initial direct costs” and how are they accountedfor?
A:
Q: What are three common features of cost accounting
A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…
Q: Name three factors that will affect the classication of a cost as direct or indirect.
A: Cost: Cost refers to the expense incurred by the business to earn revenue from sales. In other…
Q: List three methods to measure cost behavior.
A:
Q: What are the three key features of cost management?
A: Cost management: Cost management is a type of management accounting that estimates expenses involved…
Q: What are the three key features of cost accounting?
A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…
Q: Y,a,b and X explain these with help of examples according to cost behaviour
A: Cost behavior analysis helps to understand the change in the total cost with respect to the change…
Q: Give four differences between implicit cost and explicit cost?
A: Explicit cost: Explicit cost refers that, a direct payment made by firm to others in course of…
Q: Explain the difference between a direct cost and an indirect cost.
A: Direct Cost: A direct cost is a cost that can directly be associated with a particular department or…
Q: 1. What are the key cost categories in the traditional view?
A: Traditional view is the type of costing wherein the allocation of factory overheads is done based on…
Q: What are the three common features of cost management?
A: Cost management:Cost management is a type of management accounting that estimates expenses involved…
Q: Define the following terms: differential cost, sunk cost, and opportunity cost.
A: Differential cost:  Differential cost is the change in total cost due to increase or decrease in…
Q: Name four approaches to estimating a cost function.
A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…
Q: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: What does it mean that a cost is a direct, product, and variable cost?
A: The cost represents the value incurred by the corporation in making the product ready to sell in the…
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Manufacturing Costs
Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.
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Name three factors that will affect the classification of a cost as direct or indirect?

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