Q1 What process is used to assign costs in an ABC system? Provide numerical example. Q2 How is relevant quantitative and qualitative information used in special order decisions? Explain and analyze using numerical example.   Cost Accounting

Q: The definition of the cost is the collection of cost data in some organized way by means of an…

A: Cost is amount of cost incurred

Q: Discuss four frequently encountered problems when collecting cost data on variables included in a…

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

Q: Q1       discuss in detail Cost Accounting, Objectives of Cost Accounting, Essentials of a good…

A: Cost accounting is branch of management accounting in which all costs related with the products like…

Q: Give detail definition on operational cost and explain in detail how the operational cost is…

A: Introduction:- The following definition of operational cost as follows under:- Operating costs are…

Q: How does computerised accounting system could help to improvise better reporting  sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: Cost accounting depends entirely on historical information. Select one: True False

A: Cost accounting is the accounting of the total cost related to production of the product. It…

Q: Question 2 Direct costs: are incurred to benefit a particular accounting period. are incurred due to…

A: Direct cost are those cost which can be directly link to the manufacturing of goods or rendering of…

Q: 1.An activity that has a direct cause-effect relationship with the resources consumed is a(n) Group…

A: In activity based costing the cost are apportioned based on the respective cost drivers

Q: 1. Indirect costs can be allocated to a cost centre if they: A. Can be identified wholly with the…

A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Terms used in manufacturing cost systems are: manufacturing costs prime costs conversion costs both…

A: Manufacturing cost refers to the total cost incurred by the entity to manufacture a product. It…

Q: b. Classification of costs may be based on the information needs of management and their nature.…

A: Cost- Cost states all types of cost related to manufacturing of goods, operations of business, etc.…

Q: The term relevant range in cost accounting means the range over which a. Cost may fluctuate. b. Cost…

A: Cost accounting is that branch of accounting in which all costs incurred on manufacturing and…

Q: 2) Refining a cost system requires: A) classifying as many costs as indirect costs as is feasible B)…

A: Refining a cost system means making some modifications to simple costing system that includes direct…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: Which of the following is NOT a period cost? Select one: O a. manufacturing costs. O b. general and…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Describe the conference method for estimating a cost function. What are two advantages of this…

A: Conference method:

Q: Research and development activities may include (a) personnel costs, (b) materials and equipment…

A: Research and development cost: These are the cost that is incurred on the research for producing the…

Q: Choose one correct answer by writing down the question number and the letter representing the answer…

A: Costs are classified as direct and indirect costs. Direct costs are a cost which is directly related…

Q: ABC systems Select one a. will limit cost drivers to units of output O b.comply with CAAP c…

A: ABC system is used to control the inventory. Materials are classified as A, B and C according to…

Q: Provide a hypothetical example of a process costing income statement in a manufacturing enterprise.…

A: Process costing is a cost accounting term that describes one method of obtaining and allocating…

Q: Question 1: Differentiate between standard cost and estimated cost.

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: Required: a. Compute the total overhead cost. b. Compute the total product cost.

A: Overhead is the indirect expenses of manufacturing the product.  Total product cost includes all…

Q: 1. Classify the costs in the items below using the following format below. Identify the right answer…

A: The costs are classified as direct, indirect, and other factory overhead costs, selling and…

Q: ost, sunk costs or opportunity costs. Keep in mind that one cost can be fall into different…

A: 1) Predicting cost behavior cost classifications Every company incurred the costs in order to…

Q: Briefly describe the methods of calculation of costs in practice. Provide the comparison of both as…

A: Cost refers to the amount that is spent by the company to earn a profit. For example, advertisement…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

Q: В. Explain the following: Product costs and Period costs and one example of each. Distinguish…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: What is standard cost ? Explain four purposes of standard costing.    NB: This concept should be in…

A: Solution:- Standard cost means as follows under:-

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: h of the following is the format of the income statement that is MOST useful in decision-making?…

A: Solution: For the purpose of decision making, we need to have comparison of relevant revenues and…

Q: What is the purpose of cost allocation in terms of economic decisions, motivation and justifying…

A: INTRODUCTION: Cost allocation is the process of identifying, accumulating, and assigning costs to…

Q: LO 6.2ldentify appropriate cost drivers for these cost pools: A. setup cost pools B. assembly cost…

A: Cost Drivers: The direct cause of a cost is referred to as a cost driver. Fixed costs do not change,…

Q: 2. For purposes of making decisi

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: It is referred to as anything for which a separate measurement of costs is desired A. Cost object B.…

A: Cost is the amount spent on anything. Costing is estimating or projecting the Total Cost Cost…

Q: Cost accountancy

A: Cost accountancy is the application of cost accounting principles, methods and techniques to…

Q: COST ACCOUNTING  PLS SHOW SOLUTION

A: Solution:- 7)Calculation of over-allocated or under-allocated conversion costs for the month as…

Q: QUESTION 9 Identify the proper order of steps to be taken in an Activity-Based-Costing system. A.…

A: >There are various methods to allocate the overhead support costs that are not directly related…

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Absorption (full) costing is a costing technique in which all the manufacturing costs including…

Q: Which of the following way of cost assignment used to assign accumulated cost with an indirect…

A: Lets understand the basics. Indirect cost are cost which are not directly related to production…

Q: Define the terms Cost Costing Cost Accounting

A: The Question has covered the various Concept related to the costing. The Detailed Explanation of…

Q: A cost object indicates how costs are related or identified. O FALSE O TRUE

A: Given, A Cost object is a term in cost accounting which is used to assign the cost.

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.