Explain the concept of a product family and its relationship to value stream accounting.

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: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: . What are the three principle objectives of cost accounting system?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: Discuss the role of conversion cycle for service and retailing entities

A: Transaction Cycles: The similar transactions of an organization are grouped together to form a…

Q: Distinguish between manufacturing-, merchandising-, and service-sector companies?

A: Manufacturing companies are the  ones which procure raw materials and carry out manufacturing…

Q: Explain different costing and pricing methods to make business decisions.

A: Decision-making process: Decision making can be defined as the process of making choices through…

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: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: Distinguish between a cost center, a profit center, and an investment center

A: Definition: Responsibility center: A department or unit of a corporation where the management…

Q: Define the term make-or-buy (or outsourcing) analysis?

A: Make or buy: purchasing of goods from the outside vendors is called outsourcing.

Q: Explain the term supply chain and its importance to cost management?

A: Supply chain is a network of different activities, steps, processes, people, resources and…

Q: Explain whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: How cost accounting is useful for external user as Government ,and customer etc.support your answer…

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: How can management accountant help improve quality and achieve timely product deliveries?

A: Management accountant perform various functions like analysis cost, business processes to identify…

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: Define and give examples of the following terms: cost center, revenue center, profit center, and…

A: Responsibility center: It refers to that unit of the organization for which a separate executive is…

Q: How you relate the differential cost with management of revenue in management accounting.

A: Management Accounting is a type of accounting which is used within the company for the purpose of…

Q: The GAAP is an acronym that represents which of the following?Choose one answer.a. Principles for…

A: GAAP refers to as the Generally Accepted Accounting Principles.

Q: cost

A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…

Q: What are the stages in Product Life Cycle (PLC) of an product and define skimmimg pricing strategy.

A: Product life cycle defines the stages of an product with its various phases. Skimming is an pricing…

Q: In the value chain, primary activities are: a. Directly involved in the production, marketing and…

A: Answer: The correct option is Option (a).

Q: Value chain classifications Match each of the following cost items with the value chain business…

A: Value Chain Analysis is an inbound logistics that includes a range of activities like receiving,…

Q: What do you mean by cost accounting? Write about its types in brief with examples

A: Accounting is a procedure whereby an individual can record financial transactions of the business.…

Q: Describe accounting and presentation for research and development and similar costs.

A: Definition:   Research and development cost: These are the cost that is incurred on the research…

Q: Choose the most appropriate answer(s): Calculation of product cost, gathering information for…

A: SOLUTION-   EXPLANATION- COST ACCOUNTING IS AN ACCOUNTING METHOD THAT AIMS TO CAPTURE A COMPANY'S…

Q: What is supply-chain analysis, and how can it benefit manufacturers and retailers?

A: Describe a supply chain analysis.   A supply chain refers to a network between the organisation and…

Q: The branch of accounting that deals in particular with the different cost concepts in order to…

A: Accounting is a process of identifying, recording, classifying, summarising and analysing business…

Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…

Q: is the delivery of products or services to customers. O a. Distribution O b. Customer service O c.…

A: Lets understand all the terms mention in the question to determine right answer. There are various…

Q: Describe the business functions in the value chain?

A: The concept of value chain was described by Micheal Porter which implies the set of particular…

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: Evaluate this using the principles of management and cost accounting.

A: Principles of Management and Cost Accounting The basic principles which are evolved in the…

Q: Understand the components of a merchandising company’s income statement.

A: Preparations of income statements help the merchandise company to know how much gross profit or net…

Q: The flow of goods and services to consumers is illustrated by

A: Relationship of Goods and Service price with Consumer  Supply Chain of goods and Service from…