What are the three viewpoints of product life cycle? How do they differ?

Q: What risks exist in a production conversion cycle?

A: The following are some of the risks that exists in the conversion cycle:   Authorization of…

Q: What are the three categories of manufacturing costs?

A: Manufacturing costs are the costs of materials plus cost to convert the material into products. All…

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: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: Describe three different purposes for computing product costs?

A: Product cost is the cost incurred to manufacture a product, it includes the material cost, labor…

Q: ost flow methods and assumptions. What

A: The different cost flow methods and assumptions are as follows: FIFO LIFO Weighted average

Q: What is another name for total manufacturing cost??

A: The total manufacturing cost is the total expense incurred by a firm for production of the goods…

Q: Cost is being classified  in a varity of ways, what benefits can be acquired out of this…

A: Classification by the management in their decision making is significant to help management in the…

Q: What are the main features of JIT production, and what are its benefits and costs?

A: Just-in-time:   Just-in-time system is a “demand pull” system, in which materials are obtained and…

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: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

Q: Costs associated with the quality of conformance can be broken down into four broad groups. What are…

A: Quality of conformance refers to the ability of a product or a service to meet its customer…

Q: What is the cost principle?

A: Cost Principle:Cost principle requires recording of assets and liabilities on the balance sheet of…

Q: Why is it important to keep track of both direct and indirect costs? How do these costs effect…

A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…

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: Why might the number of products in a joint cost situation differ from the number of outputs?

A: Products: Product is anything that has a worth or which is capable of being bought and sold in the…

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: Define Joint costs?

A: Joint Products: When two are more products are produced in a process using the same basic raw…

Q: What are the three primary cost flow assumptions? How does the specific identification method differ…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: How should mixed costs be classified in cost, volume, and profit analysis?

A: Based on the cost behaviour costs are classified as fixed costs , variable costs and mixed costs.…

Q: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: Which are the four key costs to consider for each supplier?

A: The four key costs for each supplier are: Material costs Inventory costs Freight costs…

Q: Why is it essential to determine unit costs or profits?

A: Determining unit cost means to find out total cost incurred on a particular unit It is determined by…

Q: What is the difference between joint costs and common costs?

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

Q: What is product costs? Give an example?

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

Q: What are the three key features of cost management?

A: Cost management: Cost management is a type of management accounting that estimates expenses involved…

Q: Define the term product pricing.

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

Q: What are three common problems with push production?

A: Push production:   A push-based manufacturing approach also referred to as make-to-stock where the…

Q: What criteria might managers use to guide cost-allocation decisions? Which are the dominant…

A: Cost Allocation:The process of assigning the cost to the cost object is cost allocation. The cost…

Q: Describe three different ways in which managers determine cost behavior, which do you think is most…

A: Cost behavior analysis: It is the investigation of how certain expenses carry on in a business.…

Q: What are three benefits of using a product life-cycle reporting format?

A: Product Life Cycle: Product life cycle refers to the cycle of the product in which product starts…

Q: From a decision-making point of view, should joint costs be allocated among joint products?

A: Joint products means products which use the same resources and are made in the same process. For…

Q: What are the three common features of cost management?

A: Cost management:Cost management is a type of management accounting that estimates expenses involved…

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 are product costs?

A: Product costs refer to the costs incurred by a business from manufacturing a product or providing a…

Q: Why might the number of products in a joint - cost situation differ from the number of outputs? Give…

A: Products: Product is anything which has a worth or which is capable of being bought and sold in the…

Q: What are the different purposes for which we measure product costs?

A: Product cost: Product cost is the cost incurred to manufacture a product, it includes the material…

Q: Which one of the following may not be considered a cost driver?

A: Under activity based costing, activities and cost allocation basis (cost drivers) are used to…