What is cost? Please explain it and with example please

Q: Explain Fixed and Variable Costs?

A: Fixed Cost is the cost which remains same irrespective of the capital or strategic decision made by…

Q: Give some examples of Fixed Costs?

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: What is cost-plus pricing? Who uses it?

A:

Q: Define value engineering. How is it used to control costs?

A: Value engineering also called value analysis refers to the process of increasing quality of the…

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: What is the relevant range? What role does the relevant range concept play in explaining how costs…

A: Relevant range refers to the level of the activity which represents the maximum and minimum limits…

Q: What is the cost measurement? cost accumulation? what is the difference between the two?

A: Cost is the monetary value of an item or a service. While producing an item, there may be various…

Q: What is a cost driver? Give one example?

A: Cost: Cost refers to expenses incurred by the business to earn revenue from sales, in other words…

Q: Is there a difference between relevant costs and incremental costs? Explain

A: Relevant cost: Relevant cost is the cost which is relevant in decision making of a project, and…

Q: What is a fixed cost? Give an example.

A: Fixed Cost: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: Explain the term supply chain and its importance to cost management?

A: Supply chain is a network of different activities, steps, processes, people, resources and…

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 simple costing system?

A: A costing system is used to monitor costs of the business. System is made up of sets, forms,…

Q: Explain the term Variable costs?

A: Cost is the total amount that has to be paid for a product.

Q: What does it mean to externalize costs?

A: Externalizing costs means generating profits by reducing the indirect costs by imposing them on…

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: What is simple costing system? Explain?

A: Costing system: Costing system is a process used to determine the cost of the product for better…

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: 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 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: Give an example of cost which is a part of unavoidable cost.

A: Unavoidable fixed costs are fixed costs that cannot be avoided by discontinuing a product line or…

Q: How is uniform cost search different from plain BFS?

A: UCS : Uniform Cost Search is an uninformed search algorithm. It cannot deal with a heuristic…

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: Discuss the difference between the revaluation model and cost model in detail.

A: Revaluation model and cost model are two different models of subsequent measurement of invested…

Q: Why is it important to establish appropriate cost pools?

A: Activity cost pools are used in activity based costing which attempts to absorb overheads in a more…

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: 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: 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: Describe cost constraint and materiality constraint by giving your own examples.

A: Answer

Q: Explain cost constraint and materiality constraint by giving your own examples.

A: Accounting constraints under the accounting field are boundaries or guidelines which are followed…

Q: Explain an example of value added cost.

A: value-added costs: A value-added costs  add to the desirability of the product or services in the…

Q: Are variable costs always relevant costs? Explain.

A:

Q: Define the term opportunity cost, and give an example of one.

A: Opportunity cost: It is the benefit which is foregone by choosing next best alternative. In mutually…

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…