Name three factors that will affect the classification of a cost as direct or indirect?

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…

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.