What is a cost object?

Q: What are transferred in costs? When do they occur?

A: Transferred in costs: Cost that is assigned to partially completed products that have been finished…

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: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: What are cost-control processes?

A: In every business, cost is the most relevant and sensitive data that every management wants to…

Q: Define relevant cost.

A: Relevant cost is a cost which can be changed with change in selection of a alternative decision.…

Q: What is a cost driver?

A: A cost driver is a concept used in management accounting. The cost of specific business operations…

Q: What is the cost principle?

A: Cost Principle:Cost principle requires recording of assets and liabilities on the balance sheet of…

Q: Define cost drivers.

A:

Q: What is this cost allocation?

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Define cost-allocation base?

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

Q: cost equation?

A: Consider the cost equation Y = a + bX, where, Y = Total cost a = Fixed cost. b = Variable cost per…

Q: What is costing?

A: Costing means the estimated cost of producing or undertaking something.

Q: Which costs make up “prime” costs？

A: Prime cost is that cost, which is directly concerned with the product such as direct material,…

Q: what is inventoriable costs?

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

Q: What is a standard cost? Explain? Give an example?

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

Q: Why is it important to classify costs into a cost hierarchy?

A:

Q: What is the cost

A: Cost price is the price incurred by the manufacturer in producing goods and services. It is the…

Q: Define direct costs and indirect costs?

A: Direct cost: Direct cost is the cost assigned to the cost object which is directly related to that…

Q: What is cost accounting?

A: What is cost accounting?

Q: Define prime costs?

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: What is the difference between cost tracing and allocation of costs?

A: 1. COST TRACING : IT IS THE ASSIGNMENT OF DIRECT COSTS TO A PARTICULAR COST OBJECT .    2.…

Q: Define cost allocation?

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

Q: What are the prime costs? Conversion costs?

A: Prime cost: Prime cost includes cost which are related to direcly production of Finished goods. This…

Q: Explain Classifying Costs for Predicting Cost Behavior?

A:

Q: What is cost? Please explain it and with example please

A: What is cost? Please explain it and with example ?

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: What is cost management?

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

Q: What is the strategic role of a costing system?

A: Introduction: A costing program is designed to tract the costs a company have incurred. The system…

Q: What is total cost?

A: The answer is explained as follows:

Q: Define cost tracing?

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

Q: What is the definition of a cost object?

A: This question explains about the cost object.

Q: What is cost hierarchy?

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: What is controlling costs?

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

Q: Define cost pool?

A: Step 1 The amount of money expended on producing a particular product is referred to as cost. Direct…

Q: What is the standard cost system?

A:

Q: Explain one example of the cost driver.

A: Cost drivers are used in Activity Based Costing. Cost drivers are used to allocate overhead costs to…

Q: What is a relevant cost?

A:

Q: Why is cost important?

A: Cost - it means expenses incurred by an organisation to make an product whether it is direct cost or…

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.