Which of the following is/ are considered as the uses of standard costing?   Statement 1: Establishing standards that reflect efficient operating conditions Statement 2: Helping managers understand what needs to be done to improve current and future performance. Statement 3: Achieving significant revenue reductions.   Group of choices:   Statements 1 and 2   Statements 1 and 3   Statements 1, 2 and 3   Statements 2 and 3

Q: What type of cost drivers do modern costing systems use and how does it differ from the cost drivers…

A: Cost Driver Business activities are  influenced by a cost driver . Cost drivers are the factors…

Q: Absorption costing and marginal costing are product costing methods used in organizations. Briefly…

A: Introduction:- Absorption costing, often known as "full costing," is a managerial accounting…

Q: Who of the following is an activity-based pricing limitation? Each important action accumulates…

A: Activity based pricing is method where cost is allocated basis the cost drivers.  ABC systems…

Q: Marginal Costing

A: Option a is wrong because marginal costing is not a technique of cost reduction. Cost reduction…

Q: Time-driven ABC requires estimates of onl

A: Time-Driven Activity-Based Costing-: Time-driven ABC allows managers to document their expenses on…

Q: The relevant range of activity costing is: Select one: O a. Is the cost that causes change in total…

A: Under activity costing, indirect costs or overhead are allocated to products or jobs on the basis of…

Q: Which one of the following is correct about variable costing systems? Select one: a. Normally result…

A: Variable costing is a concept used in the cost accounting system which excludes fixed manufacturing…

Q: ement applicable to service operations? If so, provide a hypothetical example of variable costing…

A: Variable costing income statement Variable costing income statement is one where all variable…

Q: Which of the following statements about ABC is not correct? answer choices When forming activity…

A: Answer:-  Activity-based costing (ABC)= Activity-based costing (ABC) is a kind of method of costing…

Q: In the Interesting box, write down how each costing method would contribute in achieving the main…

A: First-in First-out method (FIFO) method: It is a method of pricing the issues of materials, in the…

Q: What is the difference between variable and absorption costing. How does these variable costing help…

A: Absorption costing is a costing mechanism where all the costs related to the production are assigned…

Q: Which of the following would not be a period cost? Group of answer choices Research and development…

A: Solution: Period cost is the cost that is expensed in the income statement and same is not…

Q: Explain how far you agree that the Activity-Based-Costing system is a superior model compared to the…

A: Cost accounting is considered as a process that is followed by a business to estimate the total cost…

Q: concerning ABC (activity-based costing) and ABM (activity-based management):          i.   ABM…

A: ii.  ABC cannot be used in the service industries    iii. ABC is used in conjunction with ABM…

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

A: Solution: "Standard costing" are related to a predetermined cost as a performance target and actual…

Q: Which TWO of the following statements about activity-based costing (ABC) are true? a. Implementation…

A: Activity-based costing suitable when: A variety of products are created Overhead accounts for a…

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: ?Which one of the following is not correct regarding activity-based costing Activity-based costing…

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

Q: Which among the following is not a relevant cost for decision making? a. Cost of producing…

A: Relevant Cost refers to the incremental and avoidable cost of implementing a business decision.…

Q: Which of the following statements is not true regarding the use of variable and absorption costing…

A: Absorption costing: It refers to the method of product costing in which the price of the product is…

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

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

Q: Activity-based costing does a better job of allocating

A: Activity-Based costing is a method of allocating overheads to products using activity rates…

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

A: The contribution margin format of income statement classify the costs into fixed and variable. The…

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: Which of the following characteristics would be an indicator that a company would benefit from…

A: Activity-based costing: Activity-based costing is the method of costing is used by the company in…

Q: Which of the following option is correct regarding difference in activity-based costing when…

A: Simple costing and activity based costing does not yield in similar since the cost drivers will…

Q: Please read the directive and questions carefully and answer the questions as follows. Use the…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: (a) Explain the difference between the throughput and absorption costing methods.

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

Q: Which of the following statements is not true regarding the use of variable and absorption costing…

A: Answer:   Option d.

Q: Marginal costing is a technique that distinguishes between variable costs and fixed costs. In this…

A: Cost-volume-profit (CVP) analysis is an important and systematic method that provides useful…

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: 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: 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 one of the following is correct about variable costing systems? Select one: a. Normally result…

A: Under the variable costing system, the product cost includes direct material, direct labor, direct…

Q: 2. For purposes of making decisi

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

Q: “To ensure unbiased cost allocations, fixed costs should be allocated on the basis of estimated…

A: Cost:   It is the monetary value incurred by a company to produce a product or a service.

Q: Identify one characteristic in organisation that make then more suited to using ABC method as…

A: Activity based costing and traditional costing methods both are the cost allocation method to the…

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.