3) As you know in the short term decision making the management will consider the relevant cost of the cost element and irrelevant cost of the cost element. Based on the short term decision making the costs can be divided into two categories. Being the accounting specialization student, briefly explain both of them. Explain the examples for of both costs and explain the reasons for including them as examples of these two categories

Q: What type of cost drivers do modern costing systems use and how does it differ from the cost drivers…

A: Cost Driver Business activities are  influenced by a cost driver . Cost drivers are the factors…

Q: How important is it to trace costs appropriately?  Explain. As you are beginning to think about the…

A: Solution:- 1)Discussion of How important is it to trace costs appropriately as follows under:-…

Q: Cost assignment and cost accumulation are the two cost accounting system processes that helps…

A: Costing is the method of recording, all cost incurred in process of completing product project and…

Q: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

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: Matching Question: Match the following cost accounting objectives with their corresponding…

A: The question is related to Matching the correct cost accounting objectives.

Q: Decisions where relevant cost analysis might be used effective is Keep or replace decision. Explain…

A: Relevant costs are those costs that can be used while making a decision on whether to keep or…

Q: 1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and…

A: FIFO is one of the inventory valuation method being used in business. FIFO means first in first out.…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: Match the type of cost shown in the left column with the corresponding description shown in the…

A: 1. Irrelevant Cost - (B)  A cost that is not pertinent to a particular decision. 2. Future Outlay…

Q: Search about how different techniques are efficient to estimate cost. – Engineered estimate of cost…

A: Four regular methodologies are utilized to appraise fixed and variable expenses:   Record…

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: Cost information is required for: Select one: O A. Pricing decisions O B. Valuation of inventories O…

A: Cost information means the data and information available relating to the cost of a product or…

Q: Choose one correct answer by writing down the question number and the letter representing the answer…

A: Costs are classified as direct and indirect costs. Direct costs are a cost which is directly related…

Q: With respect to Pricing decision in Cost Accounting, state any 4 situations where pricing below…

A: Pricing decision plays an important role in an product sales and growth where the price of the…

Q: . Provide examples of how cost–volume–profit analysis can be used for decision-making. 2. Explain…

A: CVP stands for Cost volume profit analysis refers to finding out how the changes in the fixed costs…

Q: Which of the following is/ are considered as the uses of standard costing?   Statement 1:…

A: Introduction:- Standard Costing:- The practice of estimating the cost of a production process is…

Q: The costs most relevant to be used in decision making are: a. sunk costs O b. current costs O c.…

A: Cost: It implies to the expense that is incurred on the manufacturing of a product or rendering…

Q: Which of the following is subjective approach in costing? a. All of these b. Traditional costing c.…

A: The question is based on the concept of Cost Accounting.

Q: In your own words, explain what differential costs mean. How are fixed costs and variable costs…

A: The cost can be classified on the basis of nature variable or fixed. The variable cost are directly…

Q: Which of the following statements is true? Select one: O a. The most complex of the cost estimation…

A: High-low method: It is the method of estimating the variable cost per unit and the fixed costs by…

Q: True or 2. Reasons for using standard costing include: A) Comparing projected costs against actual…

A: Part 2: Explanation:Step 1: Comparing projected costs against actual costsStandard costing provides…

Q: Decisions where relevant cost analysis might be used effective is Segment Elimination. Explain IN…

A: Segment elimination refers to the elimination of segment based on analysis of relevant revenue and…

Q: Discuss the limitations of cost volume profit analysis for planning and decision making.…

A: The question is related to the Cost Volume Profit Analysis. Cost-Volume-Profit (CVP) Analysis is an…

Q: Explain cost concepts it is relevant for the company to be aware of in decision situations such as.…

A: Here discuss about the details of the various costs which are incurred to the business entity which…

Q: Reviewing cost behaviour patterns over time from the accounting records and using that review to…

A: Answer:-  Cost behavior meaning:- Cost behavior describes how changes in business activities affect…

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

A: Cost accounting gives complete details of the cost incurred in the manufacturing of the product and…

Q: В. Explain the following: Product costs and Period costs and one example of each. Distinguish…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: Define Cost Pool, Cost Object and Cost Driver

A: Cost accounting forms a part of managerial accounting method that is used for measurement of total…

Q: In Classification Of Cost (Marginal costs) What Is A Business Situational Example of the ff:…

A: Cost is the amount which is spend to sold the goods or to provide the service. It is comprises of…

Q: Classify the following fixed costs as normally being either committed or discretionary:f. Management…

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Discuss the Top-to-Bottom and Bottom-to-Top approaches in Cost Estimating. Focus your discussion in…

A: Meaning: Top-to-Bottom approach: Top-to-Bottom approach is also called imposed style cost estimation…

Q: PLEASE ANSWER ALL   4. A cost management system will provide the means to develop a. The most…

A: Cost management is the system to manage the Cost ( Plan and control )

Q: Costs estimations and cost predictions are two terms often used as management accountant that must…

A: under the accounting process management decide to do estimation of the cost which will tell that how…