What are ordering costs? What are setup costs? What are carrying costs? Provide examples of each type of cost.

Q: What are the methods used for absorption costing and variables costing?

A: Absorption Costing System is also known as full Costing. It is Used in Valuing inventory. It…

Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: Explain the role of unit cost in task order pricing.

A: Task orders refer to the contract made for specific and separate orders. These are the small…

Q: discuss the various costing methods?

A: Various Methods of costing are as follows: 1) Unit Costing 2) Operating Costing 3) Contract Costing…

Q: A cost allocation rule is the method or process used to assign the costs in the ________ to the…

A: Cost allocation refers to the process of identifying and assigning the overheads to the service…

Q: Define product cost

A: Direct costs is referred to as the cost which can be traceable to a product directly. Example,…

Q: What is an overhead consumption ratio? What is activity-based product costing? Explain how costs are…

A: Overhead consumption ratio: The overhead consumption ratio simply estimate the proportion of each…

Q: What will the unit product cost under Full costing method.

A: Formula: Unit product cost = Direct material + Direct labor + Variable manufacturing overhead +…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: How is the Conversion Costs account used in JIT costing?

A: Just-in-time manufacturing system: Just-in-time (JIT) manufacturing system is an approach to…

Q: Describe the uses of cost-plus pricing.

A: Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling…

Q: What process is used to assign costs in an ABC system? Provide numerical example. I want the…

A: ABC  or Activity based costing system- It is  based upon the  fact that activities cause costs and…

Q: How is activity-based costing useful for pricing decisions?

A: Pricing Decisions:Pricing decisions are those decisions that are related to ascertain the price of a…

Q: Product costs are also callec Direct costs. Overhead costs

A: Given: 1. Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead…

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

A:

Q: What is simple costing system?

A: A costing system is used to monitor costs of the business. System is made up of sets, forms,…

Q: How many cost pools are in an activity-based costing system?

A: Activity-Based Costing: Activity-Based Costing refers to the allocation of the factory overheads…

Q: Explain actual costing.

A: Actual costing is a system of cost accounting in which actual material cost, actual labour cost and…

Q: What is costing?

A: Costing means the estimated cost of producing or undertaking something.

Q: Explain why unit cost is important in the task order costing method.

A: Task Order costing method is used to determine the cost of each order/job/task. This method of…

Q: What is simple costing system? Explain?

A: Costing system: Costing system is a process used to determine the cost of the product for better…

Q: Define the term traditional cost accounting.

A: Traditional costing is described as all of the overhead prices are assembled collectively and then…

Q: How is activity-based costing (ABC) different from traditional cost systems?

A: Cost accounting is a branch of accounting in which all costs are analysed and accumulated to…

Q: What is cost accounting?

A: What is cost accounting?

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: What is cost management?

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

Q: Define Product costs.

A: Product costs refers to cost which is incurred for creation of product.

Q: Distinguish between actual costing and normal costing.

A: Actual Costing: Actual costing is a method of cost accounting that records the cost on the actual…

Q: What is activity-based management? How is it different from activity-based costing?

A: Activity-based management: Activity-based management is the process of applying activity-based costs…

Q: Define the term cost per service.

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

Q: What is total cost?

A: The answer is explained as follows:

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 is a costing system?

A:

Q: What is operation costing?

A:

Q: What Is Total Cost Reporting?

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

Q: Why is activity-based costing described as a “two-stage” costing method?

A: Definition: Activity-Based Costing: Activity-Based Costing refers to the allocation of the factory…

Q: Define direct manufacturing-labor costs with an example?

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

Q: What are the two stages of allocation in activity-based costing?

A: Activity-based costing is one of the methods of allocating overhead costs. This method focuses on…

Q: What is the standard cost system?

A:

Q: Explain the features of cost accounting.

A: Cost accounting is a branch of accounting in which all the costs involved in manufacturing of a…

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…