regardless of the nature of company's production system, there will always be resources that are shared among different products. true or false

Q: Companies can choose from different costing methods: process/product costing and activity-based…

A: Process costing: Process costing is used when there is a continuous manufacturing process. The…

Q: Discretionary costs: are variable in relation to the level of activity, such as the production or…

A: Cost means the amount incurred for running the business. Discretionary cost means the cost which is…

Q: In the field of cost accounting, one of the most critical decisions made by a manager is the type of…

A: Choosing the type of technology that the organisation will use to produce its products or deliver…

Q: Activity-based costing is preferable in a system: A. when multiple products have similar product…

A: ABC is an accounting method that is used to trace the total cost of activities necessary to make a…

Q: Why are support department costs difficult to apply to products?

A: Given: The difficulty in applying the support department costs on products.

Q: Why are cost centers considered to be more appropriate than profit centers for production…

A:

Q: No single system can adequately answer the demands made by diverse functions of cost systems. While…

A: Describe the costs and benefits of having a single measurement system: Costs: Cost system is a…

Q: ent should focus its sales and production efforts on the product or products that will provide the…

A:

Q: Indirect costs occur when? A. Resources are shared by more than one product or service. B. Costs…

A: All those expenses that are incurred in common for different projects, products, or business…

Q: Which of the following is not a feature of a process production system?  Repetitive production…

A: Production process system is that which is used for a large level of production and where continuous…

Q: What is an industrial value chain? Explain why a firm’s strategies are tied to what happens

A: Industrial value chain: An industrial value chain refers to a linked set of value-causing operations…

Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…

A: Cost of the materials used in production: This is the additional amount of material put in the…

Q: How can management accountants help improve quality and achieve timely product deliveries?

A: Management accountant perform various functions like analysis cost, business processes to identify…

Q: When refining a costing system, the desire to identify direct costs, is primarily drive by the fact…

A: While refining a costing system the main purpose for direct costs is to identify and classify as…

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

Q: Activity-based costing is preferable in a system when multiple products have similar product…

A: Under activities based accounting, the overhead cost is applied to different activities differently.…

Q: Which of the following statements regarding service organisations is incorrect? Select one a. Many…

A: Service enterprises means the enterprises which is in the business of providing services like…

Q: activity-based costing is preferable in a system a) when multiple products have similiar product…

A: To assign overhead costs to products, the methodology which is used is called Activity-Based…

Q: How can accounting con

A: these three steps can increase the capacity of of an accounting firm. Adopt a cloud-based platform…

Q: Which of the following factors is NOT considered to have influenced the development of…

A: Activity-based costing is a method to allocate the overhead and indirect cost to products and…

Q: 1 Why are top management support and cross-functional involvement crucial when attempting to…

A: Activity based costing is a method of costing that identifies all the activities happening and being…

Q: Define constraint resources within a manufacturing company ?

A: Constraint Resources In a simple term constraint resources is defined as it is a shorter span of…

Q: In performing CVP analysis for a manufacturing company, what simplifying assumption is usually made…

A: Definition:  Cost-volume profit analysis: CVP analysis is a tool of cost accounting that measures…

Q: Which of the following is not a characteristic of a lean accounting system? Multiple Cholce Costs in…

A: lean accounting is the collection of principal and the process that provides the numerical feedback…

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: Costs that must be allocated in order to be assigned to a product or department are called direct…

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

Q: Knowing how costs behave to change in the level of activity is useful to management for all the…

A: Customer demand cannot be predicted by paying attention to how costs change when activity changes.…

Q: What are the factors of incremental analysis such as relevant costs, opportunity costs, and sunk…

A:

Q: Name a firm or organization you know of that you are reasonably sure uses cost management andexplain…

A: Cost Management: Cost management involves the development and use of cost management information…

Q: What kinds of challenges occurs in the Cost Control and Cost Reduction in the Manufacturing…

A: Cost Control is different from cost reduction Cost Control focuses/emphasises on decreasing the…

Q: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: "Simplification of all costs into only fixed and variable costs distorts the actual cost behavior…

A: Introduction:- There are four basic cost behavior patterns as follows:- fixed costs variable costs…

Q: 1. What are the three primary reasons of using a standard cost system? In a business that routinely…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Total Quality Management (TQM) is founded on the premise that an organisation must continuously…

A: Prevention costs are the costs incurred as a result of working to reduce poor quality. Examples…

Q: Why would a corporation choose process costing over task order costing? How are the two systems…

A: Here is the Answer

Q: Explain why some production costs must be assigned to products through an allocation process.

A: Production costs: These are the costs incurred on product manufacturing or delivering services by…

Q: Which of the following is NOT a reason for companies to assign costs to products or services? O to…

A: Generally companies will asign costs to products and services for decision making purpose

Q: XYZ Inc, is a BPO company that carters to different services; call center, finance, and information…

A: The following cost drivers are listed for XYZ Incorporation:

Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…

Q: What is the danger in allocating common fixed costs among product lines or other segmentsof an…

A: Fixed cost: It can be defined as the cost that does not vary with an increase or decrease in the…

Q: Describe allocation of joint costs across products.

A: Joint costs: It refers to direct labor, direct material and overhead costs incurred during the joint…