what is period costs?

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 are life-cycle costs? How do these costs relate to the production life cycle?

A: Life cycle cost is the summation of all costs related to a product, structure, system, or service…

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: What is the Contribution Margin?

A:

Q: Define unavoidable fixed costs.

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

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 a prior service cost?

A: Prior service cost is one of the component of pension expense. It means present value of benefits or…

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: Which of the following are period costs? *

A: Period costs are also known as period expenses. These are expenses that are incurred during a given…

Q: What is a component cost?

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

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 Cost account payable

A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…

Q: What is normal costing?

A: Normal Costing Normal costing is refer as the method of costing which helps for derivation of cost.…

Q: What is opportunity cost rate?

A: The opportunity cost is the cost of the option or alternative missed due to the acceptance of the…

Q: How do you get total of period cost?

A: Period Costs are not directly associated with the finished products manufactured, rather associated…

Q: Define the term Current cost.

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

Q: Define period costs.

A: Period costs are not joined to items and the company does not need for Offer on Sale of items 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: define direct material costs?

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

Q: Define the term Cost approaches.

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

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 does the word "overhead application rate" mean?

A: Overhead is a term that refers to a continuous   The term "overhead application rate" refers to the…

Q: how much is the prime cost?

A: Prime cost: It can be defined as the total of all the costs incurred on direct labor and direct…

Q: What is meant by the term overhead application rate ?

A: Overhead: It refers to an ongoing or continuing expense that is centrally incurred by a company in…

Q: What is cost accounting?

A: What is cost accounting?

Q: What does period cost include

A: Period costs are the expenses which are typically related to passage of time and not to any…

Q: Define prime costs?

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

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: What is the prime cost?

A: Prime costs means cost of direct materials used and direct labour costs incurred. Direct material…

Q: What is the definition of a cost object?

A: This question explains about the cost object.

Q: What is a cost object?

A: Introduction:

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: How do period costs differ from product costs?

A:

Q: What is absorption costing?

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

Q: What are direct out-of-pocket costs

A: There are various types of costs, some of which may be reimbursed and others that may not be. Direct…

Q: What is the standard cost system?

A:

Q: Distinguish between traceable and common fixed costs.

A: Fixed costs are referred to as the costs that do not change with a change in the level of the…

Q: what is a sunk cost

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

Q: What is time and materials pricing?

A: Pricing is a billing method used by business organizations to determine the price for a particular…

Q: What is a relevant cost?

A:

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.