ost flow methods and assumptions. What

Q: Define opportunity costs and explain why they represent acommon source of error in making cost…

A:

Q: What is the variable cost and indirect cost?

A: Variable costs are costs that changes with level of activity. If activity level increases, then…

Q: Understand costclassifications used in makingdecisions: differential costs,opportunity costs, and…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

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: What are some factors that affect variable costs?

A: Variable costs: A variable cost is a business expenditure that varies in proportion to manufacturing…

Q: Show income comparison's of absorption and variable costing?

A: Absorption costing method can be defined as the all the costs that is associated with the production…

Q: What is the difference between a linear and a nonlinear cost function? Give an example of each type…

A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…

Q: How do step-wise costs and curvilinear costs differ?

A: There are different types of costs such as variable costs, fixed costs, step costs, and curvilinear…

Q: What are costs that have characteristics of both a variable and fixed cost?

A: A cost that has characteristics of both a variable cost and a fixed cost is called a mixed costs or…

Q: Types of Fixed and Variable cost with the help of example and graph?

A: Costs are the total spent amount for the expenditures and for producing the goods and services.…

Q: How are costs assigned differently using the average cost method?

A: Inventory valuation is the valuation of inventory at the time of its purchase and sale using…

Q: What is a variable cost? Identify two variable costs.

A:

Q: How does an engineered cost differ from a discretionary cost?

A:

Q: Explain the term Variable costs?

A: Cost is the total amount that has to be paid for a product.

Q: What does it mean to externalize costs?

A: Externalizing costs means generating profits by reducing the indirect costs by imposing them on…

Q: Giving examples, distinguish between Variable cost and Fixed costs

A: Introduction: Costs: Costs are of two types: 1 ) Fixed costs 2 ) variable costs

Q: What is a relationship between fixed, variable and semi-variable cost?

A: Cost can be defined as the amount incurred upon the production of goods and services for the final…

Q: Why there is a need to identify the standard co

A: Standard Cost A standard cost is an estimated expense that normally occurs during the production of…

Q: What two assumptions are frequently made when estimating a cost function?

A: Cost Function:Cost function represents the basic change that occurs in the total cost due to the…

Q: In order to analyze the c-v-p relationship , what types of costs should be classified ? Why?

A: C-V-P relationship means the cost volume and profit relationship. This is usually done to recognize…

Q: what is the difference in unit costs?

A: Solution:- Given,  Steel Costing = 8 Ounce Aluminum Costing = 5 Ounce Penalty for each extra pound =…

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: Define the terms sunk cost and differential cost.

A: Differential cost:  Differential cost is the change in total cost due to increase or decrease in…

Q: What connection exists between unit profit and labor costs?

A: A cost is the amount of money that was expended during the production or delivery of a good or…

Q: How is uniform cost search different from plain BFS?

A: UCS : Uniform Cost Search is an uninformed search algorithm. It cannot deal with a heuristic…

Q: Discuss the difference between the revaluation model and cost model in detail.

A: Revaluation model and cost model are two different models of subsequent measurement of invested…

Q: How should mixed costs be classified in cost, volume, and profit analysis?

A: Based on the cost behaviour costs are classified as fixed costs , variable costs and mixed costs.…

Q: How are absorption costing and variable costing the same? How are they different?

A: Absorption Costing: "Absorption costing is a method that allocates "direct labor, direct materials,…

Q: key different in accounting for costs between absorption and variable costing

A: Absorption costing and variable costing are two methods of costing products.

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: Distinguish between fixed cost and variable cost.

A: Fixed Costs: These are the costs that remain constant in total dollar amount irrespective to the…

Q: What can be the Direct-Variable Costs?

A: Fixed cost means the cost which do not vary with the level of output. Variable cost means the cost…

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…

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.