What are the three viewpoints of product life cycle? How do they differ?

Want to see the full answer?
Check out a sample Q&A here


Related Accounting Q&A
Find answers to questions asked by students like you.
Q: What risks exist in a production conversion cycle?
A: The following are some of the risks that exists in the conversion cycle: Authorization of…
Q: What are the three categories of manufacturing costs?
A: Manufacturing costs are the costs of materials plus cost to convert the material into products. All…
Q: Define product cost with an example?
A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…
Q: Distinguish between the following set of terms: Direct product costs and indirect product…
A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…
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: ost flow methods and assumptions. What
A: The different cost flow methods and assumptions are as follows: FIFO LIFO Weighted average
Q: What is another name for total manufacturing cost??
A: The total manufacturing cost is the total expense incurred by a firm for production of the goods…
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 are the main features of JIT production, and what are its benefits and costs?
A: Just-in-time: Just-in-time system is a “demand pull” system, in which materials are obtained and…
Q: What are the advantages and disadvantages of cost principle
A: Cost principle is an accounting principle that recognizes the asset at their respective cash amounts…
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: Costs associated with the quality of conformance can be broken down into four broad groups. What are…
A: Quality of conformance refers to the ability of a product or a service to meet its customer…
Q: What is the cost principle?
A: Cost Principle:Cost principle requires recording of assets and liabilities on the balance sheet of…
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: 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: Why might the number of products in a joint cost situation differ from the number of outputs?
A: Products: Product is anything that has a worth or which is capable of being bought and sold in 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: Define Joint costs?
A: Joint Products: When two are more products are produced in a process using the same basic raw…
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: 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: 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: Which are the four key costs to consider for each supplier?
A: The four key costs for each supplier are: Material costs Inventory costs Freight costs…
Q: Why is it essential to determine unit costs or profits?
A: Determining unit cost means to find out total cost incurred on a particular unit It is determined by…
Q: What is the difference between joint costs and common costs?
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: What is product costs? Give an example?
A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…
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: Define the term product pricing.
A: Managerial accounting: Managerial accounting is more focused towards analyzing information and…
Q: What are three common problems with push production?
A: Push production: A push-based manufacturing approach also referred to as make-to-stock where the…
Q: What criteria might managers use to guide cost-allocation decisions? Which are the dominant…
A: Cost Allocation:The process of assigning the cost to the cost object is cost allocation. The cost…
Q: Describe three different ways in which managers determine cost behavior, which do you think is most…
A: Cost behavior analysis: It is the investigation of how certain expenses carry on in a business.…
Q: What are three benefits of using a product life-cycle reporting format?
A: Product Life Cycle: Product life cycle refers to the cycle of the product in which product starts…
Q: From a decision-making point of view, should joint costs be allocated among joint products?
A: Joint products means products which use the same resources and are made in the same process. For…
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: What is the difference between cost leadership and product differentiation?
A: Cost leadership is a one of the effective marketing strategies. Despite being highly effective in…
Q: What are product costs?
A: Product costs refer to the costs incurred by a business from manufacturing a product or providing a…
Q: Why might the number of products in a joint - cost situation differ from the number of outputs? Give…
A: Products: Product is anything which has a worth or which is capable of being bought and sold in the…
Q: What are the different purposes for which we measure product costs?
A: Product cost: Product cost is the cost incurred to manufacture a product, it includes the material…
Q: Which one of the following may not be considered a cost driver?
A: Under activity based costing, activities and cost allocation basis (cost drivers) are used to…





