Name two items classified as prevention costs.

Q: Give an example of a corrective control.

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Define Prior service cost.

A:

Q: Explain the differences between a PPO and an HMO.

A: The question is based on the concept of different types of health insurance policy and their…

Q: compensation in commodatum.

A: Commodatum is nothing but a roman law which states that commodatum is an agreement which is a type…

Q: what are the primary cost saving features of a managed care plan?

A: Managed care plan refers to that health insurance plan that gives medical reimbursement to the…

Q: Distinguish between program service expenses and supporting service expenses.

A: A nonprofit organization’s expenses can be classified into two types, they are expenses for program…

Q: Explain whether the characteristics listed in Table 1 can be met simultaneously or else achieving by…

A:

Q: Describe two generic strategies.

A: Strategy: The word strategy may also be regarded as generalship. It may be defined as the…

Q: What is the appraisal and prevention cost here? Only that t

A: Solution Concept Quality cost               Quality cost means the cost that is incurred by the…

Q: DEFINE AND INDICATE TYPES OF DUMPING.

A: Dumping: Dumping refers to the reduced price of the products at which price the exporters exports…

Q: Define sacrificing ratio.

A: Definition of Sacrificing Ratio:Sacrificing ratio is the ratio where the old partner give their…

Q: Define the term Loss Contingencies.

A: A loss contingency is incurred by the business based on the result of a future event, such as…

Q: Define single-project evaluation,

A: SOLUTION:- Single Project Evaluation is the systematic and objective study of the single ongoing or…

Q: Explain service method of allocating prior service cost.

A: Service cost refers to the part of pension expenses deducted every year. Service cost is amortized…

Q: Define synergistic benefits

A: Synergy is the concept according to which the value of the firm after combining with each other is…

Q: Explain the differences between planning, directing, and controlling.

A: Planning: It means thinking in advance what to do, when to do and how the actions would take place…

Q: Explain the meaning of the following terms: markup,additional markup, markup cancellation, net…

A: Products are priced at the selling price and used to compare different product lines. The selling…

Q: Name three benefits and two costs of decentralization.

A: Decentralization: The decentralization means that the lower levels of an organization are given…

Q: Give an example of a preventive control.

A:

Q: Define the term accelerated cost recovery system (AC RS)?

A: The AC RS is a method of depreciation. It is used for depreciating the property for tax purposes

Q: Contrast the advantages and disadvantages of CASE tools. What should determine whether CASE is used?

A: CASE Tools:   CASE stands for Computer Aided Software Engineering Tools. CASE is used for the…

Q: Describe two benefits of improving quality.

A: Quality is a special trait that a product posses which the customers can perceive on how much it…

Q: Distinguish between Service Projects and Revenue Projects?

A: Service Projects: Service projects are those projects which are carried out for the welfare of…

Q: Explain three common approaches of system cutover. Also describe their advantages and disadvantages.

A: System cutover:   System cutover is defined as the conversion of data from old systems to the new…

Q: How can we use the PW criterion to compare the alternatives to minimize expenditures?

A: The full form of PW is present worth. Present worth is known as the present value of the investment…

Q: Define the term effective rate.

A: The effective rate is the real return on a savings account or any interest-paying investment when…

Q: Define historical costs.

A: Historical cost principle: This is an accounting principle which states that the actual cost paid in…

Q: How can we identify the sponsor's costs and quantify them?

A: Sponsorship cost: Many times firms and individuals pay either a part of the entire amount of expense…

Q: How do you find full absorption cost

A: Absorption costing refers to the method of managerial accounting in order to capture all the costs…

Q: Define the term margin of safety.

A: Definition: Cost-Volume-Profit (CVP) Analysis: It is a method followed to analyze the relationship…

Q: Define opportunity cost

A: Opportunity costs represent the benefits an individual, investor or business misses out onwhen…

Q: Explain what opportunity cost is. supplement the explanation with an appropriate example

A: The decision to choose one from given alternatives leads to concept of opportunity cost.

Q: Define the term spoilage.

A: Definition:   Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare…

Q: Define the term appraisal costs.

A:

Q: conclusion of environmental cost and benefit

A: Answer: Environment cost is defined as the management of cost related to environment.

Q: Define defined contribution plan

A: A defined-contribution (DC) plan is a retirement plan that lets an employee to contribute a fixed…

Q: Briefly explain the importance of distinguishing between relevant and irrelevant costs for the…

A: The costs that are affected by decision are relevant cost and  those costs are not get affected are…

Q: Define inventoriable costs.

A: Inventoriable Costs are also known as Product Costs. Inventoriable cost is the cost of manufacture…

Q: Which categories are non value added activities?

A: Non value added activities are those activities that does not actually add value to the product or…

Q: Define separable cost.

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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.