What is importants of Price and quality?

Q: What is target costing and how is it different from the usual process of setting prices?

A: The price of a product is set on the basis of the cost of the product. The price of the product is…

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 the term price-takers.

A: Price takers is the term used for individual or a company which cannot influence the price of a…

Q: Explain the difference between price-takers and price-setters.

A: When a company cannot dictate prices then it is known as price taker. On the contrary, when a…

Q: Explain the meaning of the cost of quality and the classification of the cost of quality

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

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

A:

Q: What is a price standard?

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: What are cost-control processes?

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

Q: What is meant by the terms clean price and dirty price?

A: Clean price: The clean price is the price of a coupon bond does not comprise any accumulated…

Q: What is a component cost?

A: The most granular description of element costs is the cost components.  Types of cost components are…

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 Prerequisites for Successful Target and Cost-Based Pricing?

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

Q: Why are some quality costs hard to measure?

A: Quality Cost: The quality cost refers to the costs associated with the prevention and detection of…

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: Whose job is it to refine a costing system?

A: The costing system is designed for monitoring the cost incurred in different activities by an…

Q: What is costing?

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

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: 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 are the advantages and disadvantages of target pricing versus cost-based pricing?

A: Advantages of target pricing are as follows: It help in controlling in cost It provide profit with…

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 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 a quantity standard? What is a price standard?

A: Quantity Standard : A quantity standard is the amount of an input, such as labor time or raw…

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: What is the quantity decision? The pricing decision?

A:

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: Define the term product pricing.

A: Managerial accounting:   Managerial accounting is more focused towards analyzing information and…

Q: explain the importance of cost behavior

A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…

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: What is absorption costing?

A: Absorption costing  is a cost accounting method to value inventory in an organization. As the term…

Q: Explain Consumer Behaviour and  Costs.

A: Behaviour is the way in which one acts or conducts oneself, especially towards others.

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: What is the standard cost system?

A:

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 is a relevant cost?

A:

Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.