What is Cost account payable

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: What is Unit-Profit or Unit-Cost Calculation?

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Classify the Costs for Financial Statements?

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

Q: What is the standard cost income statement?

A:

Q: What is a manual factoring cost

A: A type of financial transaction in which a business sells its account receivables to a third party…

Q: Define gross pay.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: What is service cost, and what is the basis of its measurement?

A: Service cost: Actuarial present value of benefit attributed by the pension benefit formula to…

Q: How do cost management and financial accounting differ?

A: The accounting is a process to identify, classify and record the transactions of the business and…

Q: What means of cost

A: Cost denotes the amount of money that a company spends on the creation or production of goods or…

Q: e the cost of goods manufactured:

A: Direct Material used   $          120 Direct Labour  $          200 Manufacturing…

Q: What is the purpose of Classifying Costs for Financial Statement?

A: Cost Classifications helps the management in analysing the overall effect on the assets and…

Q: bject:cost account

A: Cost of Production report states the cost per Equivalent unit produced and transferred and cost of…

Q: Describe the Unit-Profit or Unit-Cost Calculation?

A: A unit cost is a net expense a firm has incurred to manufacture, store, and sell one unit of a…

Q: Define basic earning power (BEP) ratio

A: The formula to compute basis earning power ratio as follows:

Q: How you relate the differential cost with management of revenue in management accounting.

A: Management Accounting is a type of accounting which is used within the company for the purpose of…

Q: What is function of expense method?

A: Organisations can opt for either of the options to prepare and report the income statement. They are…

Q: Distinguish between inventoriable costs and period costs.

A: Characterizations of expenses. Inventoriable expenses is characterised as prices that become a part…

Q: Distinguish between indirect costs and direct costs.

A: Direct Costs and Indirect Costs are two important costs. Direct costs are those costs which are…

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: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

Q: Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.

A: Conceptual base- Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory…

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: What is a functional expense statement?

A: The answer is explained as follows:

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: What are “initial direct costs” and how are they accountedfor?

A:

Q: Define the term cost per service.

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

Q: What does indirect cost includes?

A: Indirect costs: The costs, which do not relate directly with the manufacturing of products, are…

Q: What is total cost?

A: The answer is explained as follows:

Q: Define Accounts payable and what are its representative cost driver?

A: Accounts payable: Accounts payable is the obligation of the company to make payment (within period…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: What are the three key features of cost accounting?

A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…

Q: What are the drivers to the cost of revenue

A: The total cost of producing and delivering a product or service to customers is known as the cost of…

Q: Identify on which financial statement these costs originally appear. ✓ Period Costs ✓ Product Costs…

A:

Q: What is recalculated cost?

A: Cost: It implies to the amount that is paid or spent on a specified task or activity. It indicates…

Q: Explain the difference between a direct cost and an indirect cost.

A: Direct Cost: A direct cost is a cost that can directly be associated with a particular department or…

Q: What is a fee income

A: Fee Income There are different ways an organisation can make the sources of income like sales…

Q: What is the role of Cost Accounting in Price Determination ?

A: The primary difference between fixed as well as variable costs is made in cost accounting.…

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: Costs incurred to earn revenue are referred to as _____

A: Expenditure is the outflow cash or incurred by the business to support the generation of revenue.…

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.