Which costing techniques are related to a predetermined cost as a performance targe and actual performance is measured agains this predetermined cost? a. Budgetary Control O b. Standard Costing O c. Marginal Costing d. Uniform Costing O C

Q: 9) Which of the following statements about normal costing is true?   A) Direct costs and indirect…

A: Introduction:- Under the normal costing :- It assign costs to products based on the materials,…

Q: How do you make a decision in case of special order? Explain. Use examples if required.

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

Q: Variable Costing Income Statement

A: Particulars in millions   Total (A) Fixed (B) Variable (C = A - B) Cost of goods sold $18240…

Q: In activity-based costing, the criteria used in selecting cost drivers which is ideal is a. Benefits…

A: Solution: In activity-based costing, the criteria used in selecting cost drivers which is ideal is…

Q: Prepare (a) Statement of Equivalent Production Equivalent Units Input Units Output Items Units Qty…

A: Statement of Equivalent production Statement of Cost Statement of Valuation

Q: Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and…

A: Variable costs are the costs that varies with the change in output but per unit variable cost…

Q: Differentiate between the mechanisms of an “actual costing” budgetary system against a “normal…

A: Budgetary system is the system which is applied by the company in order to be on track and within…

Q: which type of costing system do we typically use for managerial accounting purposes. normal budget…

A: The method of creating, executing, and budgetary control is known as budgeting. Budget preparation…

Q: How do you prepare an absorption and variable costing income statement show a draft or format only.

A: An income statement is prepared by the organization to measure the revenues generated during the…

Q: What are the steps in developing a budgeted variable overhead cost-allocation rate?

A:

Q: Consumption ratios are useful in determining: A. the existence of product-line diversity. B.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Net income under Variable costing Method

A: Solution:- Calculation of Income under Variable costing method as follows:- Note:- Calculation of…

Q: Which of the following statements is true? * O a. A common cost is one type of direct cost. O b. A…

A: The question is related to Choose which of the statement is true.

Q: A company using direct costing in its performance evaluation would normally include the following…

A: The answer is stated below:

Q: Critically evaluate the concept and application of marginal costing

A: Concept of marginal costing: Marginal cost is the difference between total costs increasing or…

Q: Between Absorption Costing and Variable Costing method, which one do you think is more practical to…

A: Absorption costing considers fixed manufacturing overheads and variable overheads together to find…

Q: What is total overhead variance

A: Meaning The Total Overhead Cost Variance is the difference between the total overhead absorbed and…

Q: 1) Explain how standard costs are established? How do managers evaluate performance using cost…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: a. What problems are associated with using the average cost per unit as a performance measure? b.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the following statement about Activity Based Costing is true? a)  Costs which change with…

A: In the activity level costing the indirect cost is allocated on the basis of their activity. for…

Q: Question 4: Define the following:…

A: Variable cost refers to that cost which variate with the variations in the production or sales…

Q: The variance analysis is used   Ratio Analysis Standard costing Budgetary control Marginal costing

A: Variance analysis is used to estimate the difference between the expected value and the actual…

Q: Which of the following is a costing method? O a. a. Target Costing O b. Standard Costing c. Marginal…

A: Solution: "Job costing" is a costing method. This is because main costing methods include job…

Q: The following statements are correct excerpt? A. Different costs are used for different purposes B.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: How do current cost management techniques vary from earlier ones in terms of life cycle costing and…

A: Life cycle cost which traces the costs and revenues over a period of life of product.  Life cycle…

Q: Explain how standard costs are established? How do managers evaluate performance using cost variance…

A: Standard costs are those predetermined costs which the company is expected to incur on goods or…

Q: Which costing techniques are related to a predetermined cost as a performance target, and actual…

A: Solution: "Standard costing"  techniques are related to a predetermined cost as a performance…

Q: variance in its report, except

A: A company using direct costing in its performance evaluation would normally include the following…

Q: difference between absorption costing and variable costing

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Is variable costing income statement applicable to service operations? If so, provide a hypothetical…

A: Absorption Costing The cost of absorption includes allocating to COGS all of the direct costs…

Q: Which one of the following technique is mostly used for financial analysis and ?interpretation (Lä…

A: The mostly used technique for financial analysis is Ratio Analysis , which means it is method used…

Q: Describe income statement under variable costing.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: What is standard cost ? Explain four purposes of standard costing.    NB: This concept should be in…

A: Solution:- Standard cost means as follows under:-

Q: How to prepare income statement using absorption costing?

A: Absorption costing considers the fixed overhead costs for production as per the units sold and not…

Q: Which type of income statements, Contribution Format or Traditional Format should be used to…

A: Contribution Format income statemnets should be used to identify relevant costs. A traditional…

Q: Which of the following is the basic purpose of a responsibility accounting?a. variance analysisb.…

A: Definition: Responsibility accounting: The management of responsibility centers by the means of…

Q: h of the following is the format of the income statement that is MOST useful in decision-making?…

A: Solution: For the purpose of decision making, we need to have comparison of relevant revenues and…

Q: Using the above information derive a cost function that can be used to predict the total production…

A: High-low cost estimation method is used to segregate the fixed cost and variable cost element in…

Q: Is a variable costing income statement in service operations? If so, provide a hypothetical example…

A: Variable costing income statement deducts all the variable expenses from the revenues to get the…

Q: ndicate whether the items below are used as key performance indicators for the areas Quantity…

A: Answer: Balance scorecard is the evaluation of business performance with the help of four different…

Q: Product and period cost according to absorption costing and Variable costing with examples ?

A: Absorption costing is a method where all the cost related to the manufacturing process is considered…

Q: Contrast the productcosts computed under activitybased costing and conventionalcosting methods

A: ABC Costing: The Activity-Based costing system is a way of assigning a cost to the product and…