Y,a,b and X explain these with help of examples according to cost behaviour

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

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 following concepts: a)Prime cost    b) Non production cost

A: All costs incurred are categorised into production and non production cost on the basis of the…

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: Cost behavior and relevant range are terms under cost accounting. Cost behavior studies the pattern…

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

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

Q: Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also…

A: Relevant costs: These costs can be defined as the costs that can be avoided if we choose over option…

Q: What is the difference between cost allocation and cost assignment?

A:

Q: Describe the conference method for estimating a cost function. What are two advantages of this…

A: Conference method:

Q: Distinguish betweenproduct costs and periodcosts and give examplesof each.

A: Product cost: The product cost relates to the manufacturing costs such as direct material, direct…

Q: Giving examples, distinguish between  Direct costs and indirect costs

A: Direct Costs are the costs that can be directly traced with the goods produced. It generally…

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

Q: Giving examples, distinguish between Prime costs and Marginal costs

A: Prime costs are the firm total expenses directly related to the materials and labour used in…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: The term cost refers to the monetary value of expenditure for raw materials, technology, supplies,…

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 two assumptions are frequently made when estimating a cost function?

A: Cost Function:Cost function represents the basic change that occurs in the total cost due to the…

Q: Why is it important to classify costs into a cost hierarchy?

A:

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: Distinguish between ( a ) a variable cost, ( b ) a fixed cost, and ( c ) a mixed cost.

A: Variable Cost: The cost which is not fixed is called as variable cost. This cost is directly…

Q: True or False. Direct costs can be specifically traced to a cost object.

A: Direct costs, as the name suggests are the costs that can be directly attributed to a cost object.…

Q: Explain Historical Cost Principle in detail with example.

A: In bookkeeping, we may utilize four adequate estimation bases. These are the historical expense or…

Q: In describing the cost formula equation, Y = a + bX, which of the following is correct:

A: The cost volume formula is denoted by -  Y= a + bx where- “Y” is total cost  “a” is the total fixed…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

Q: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: In order to evaluate cost information managers must be able to distinguish between relevant costs…

A: Relevant cost refers to the cost which is usually incurred by lower management in an organization…

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: List three methods to measure cost behavior.

A:

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: 1. What are the key cost categories in the traditional view?

A: Traditional view is the type of costing wherein the allocation of factory overheads is done based on…

Q: A 'product' cost is a cost that is classified by:    a. behavior       b. function       c.…

A: The cost incurred on production directly or indirectly related to production is said to be product…

Q: Define the following terms: differential cost, sunk cost, and opportunity cost.

A: Differential cost:  Differential cost is the change in total cost due to increase or decrease in…

Q: Which of the following way of cost assignment used to assign accumulated cost with an indirect…

A: Lets understand the basics. Indirect cost are cost which are not directly related to production…

Q: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…

A: As posted multiple questions we are answering only first question kindly repost the unanswered…

Q: Define direct material costs with an example?

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

Q: Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a…

A: Note: As per our guidelines, only the first question can be answered.   Standard Cost & Its…

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.