Which of the following statements best describes a profit center?a. The responsibility for combining the raw materials, direct labor,and other factors of production into a final productb. The authority to make decisions affecting the majordeterminants of profit, including the power to choose its marketsand sources of supplyc. The authority to make decisions affecting the majordeterminants of profit, including the power to choose its markets,sources of supply, and significant control over the amount ofinvested capitald. The authority to make decisions over the most significant costsof operations, including the power to choose the sources of supplye. The authority to provide specialized support to other unitswithin the organization

Q: The cost of quality are costs incurred to prevent, or costs arising as a result of, the production…

A: The cost of quality are costs incurred to prevent, or costs arising as a result of, the production…

Q: Which of the following is the best definition of product costs? a. Product costs are those costs…

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product…

Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…

A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…

Q: Why are cost centers considered to be more appropriate than profit centers for production…

A:

Q: Why are companies divided into departments for the purpose of management control?  Is it possible to…

A: An Organisation is a complex entity which requires different expertise in various fields to help it…

Q: activities performed by another firm or individual

A: Option "b" is wrong because responsibility centers are units within the firm, not another firm or…

Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…

A: Cost of the materials used in production: This is the additional amount of material put in the…

Q: A manager's needs regarding cost management and accuracy in product costing, and the underlying…

A: Definition: Product Cost: Product cost is the total quantitative value of all the efforts and…

Q: From the choices presented in parentheses, choose the appropriate term for completing each of the…

A: Period costs: Period costs are the costs other than the product costs. These costs are not incurred…

Q: Consumption ratios are useful in determining: A. the existence of product-line diversity. B.…

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

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 area of management concerned with designing and overseeing the process of production is which of…

A: Operations management is the management of operational processes inside a company to make the…

Q: When evaluating the performance of a manager, why shouldfixed costs be divided into the categories…

A: Controllable expenditure: Controllable expenditure is an expenditure that is directly controllable…

Q: nitng information fulfills the following purposes. Give an example of situation of profit…

A: Management accounting is also known as management-oriented accounting. Essentially, it is the study…

Q: What level of importance do product costs play in the business process? what kind of management…

A: Product cost: Cost incurred to produce a product is called product cost. It includes the cost of…

Q: The internal cost analysis process involves the following in what order? (A) Identify the links…

A: Internal cost analysis used for analysing value creating process and opportunity to reduce its cost…

Q: What is the most important purpose of the cost of production report

A: Given: The importance and use of cost of production report.

Q: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit…

A: Responsibility Centre:   A responsibility centre is used to show the financial performance of all…

Q: Explain the difference between the engineered-cost and discretionary-cost approaches to…

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

Q: Product costing is the process of:  A. accumulating the costs of a production process. B. assigning…

A: Cost accounting  is a form under the various available systems of accounting including financial…

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: Why are companies divided into departments for the purpose of management control?  What are some of…

A: A business is normally organized by its functions, e.g. marketing department, accounts department,…

Q: Discuss standard costs and indicate how they can be used by management in planning and control.

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

Q: In a responsibility accounting system, managerial performance should be evaluated on the basis of…

A: Responsibility accounting system is a type and form of accounting system under which information is…

Q: Which of the following is not an objective of product costing systems? a. To assist in the…

A: Product costing refers to the total amount of total costs allocated to a specific product on the…

Q: Which of the following is correct? * . O The direct cost of a particular department is always a…

A: Responsibility accounting system means that where one manager is given the whole responsibility of…

Q: Identify and discuss arguments that individual product managers may put forward to support their…

A: Preferred Revenue Allocation method is a revenue allocation method in which managers in charge of…

Q: Shipping, selling, marketing, sales order processing, return processing, and advertising activities…

A: Shipping, selling, marketing and advertising activities are indirect cost to the product or the…

Q: What is the most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

Q: What kinds of challenges occurs in the Cost Control and Cost Reduction in the Manufacturing…

A: Cost Control is different from cost reduction Cost Control focuses/emphasises on decreasing the…

Q: A unit of an organization is referred to as a profit center if it has:   Multiple Choice…

A: Profit Center: The responsibility of the controlling costs and generating revenues is of profit…

Q: Evaluate cost factors influencing a company's decision.

A: Cost factor is the factor or an element which is related to unit of product for which some amount of…

Q: Explain the relationship between customer profitability analysis and activity-based costing.

A:

Q: Which of the following is not among the main uses of Activity-Based-Management ABM Select one: O a.…

A: Activity Based Management is a method or procedure of analysing profitability of the company by…

Q: Why would a corporation choose process costing over task order costing? How are the two systems…

A: Here is the Answer

Q: One of the primary uses of a cost of production report is to assist management in controlling…

A: Production Cost Report:   A production cost report is used by the firm to summarise the production…

Q: The decision by firms of the quantity of output to supply is based on O the price of inputs O the…

A: Please see the next step for the answer

Q: Discuss The impact of applying an Activity-Based Costing System on the businesses' financial and…

A: What is Activity-Based Costing? Activity-based costing ABC is a method for assigning costs to…

Q: How are the value chain and management accounting related?

A: Because you asked many questions, we will resolve the first one for you. Please mention the question…

Q: Using performance reports to evaluate cost, revenue, and profit centers Management by exception is a…

A:

Q: What is the primary goal of the cost-of-production report? What is the purpose of these reports in…

A: Cost-of-production report is a statement which shows all the production related costs within a…

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: Value Chain Analysis

A: Value chain analysis is a process in which an entity continuously identifies the areas and…

Q: The manager of the manufacturing unit of a company is responsible for the costs of the manufacturing…

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