6. The Fixed and variable costs are costs classification according to: A) Cost traceability B) Value-adding C) Financial reporting

Q: Explain the following as approaches to analysing the costs of the logistics function:  (i)…

A: Following are the analysis of costs of logistic functions: 1. Fixed Costs/Variable cost Fixed cost…

Q: A traditional income statement classifies costs by function; costs are classified as either product…

A: The question is related to Classification of cost. The traditional income statement classifies costs…

Q: The following information pertains to Vladamir, Inc., for last year: Beginning inventory, units…

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

Q: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: Marginal Costing

A: Option a is wrong because marginal costing is not a technique of cost reduction. Cost reduction…

Q: Indirect costs are known as: (a)  Avoidable costs (b)  Overheads (c)  Incremental costs (d)…

A: 1) Indirect costs means costs which are not directly related to cost of production. Indirect costs…

Q: Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and…

A: Variable costs are the costs that varies with the change in output but per unit variable cost…

Q: Which of the following is a carefully predetermined cost that is usually expressed on a per unit of…

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

Q: In cost accounting, differentiate between allowable, allocable, reasonable, and consistent costs.

A: Allowable: A cost is allowable to a project if it meets the following criterias- The costs are…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…

A: Concept Introduction:   Product costs are the costs which are incurred only when a product is…

Q: costs that change proportionately according to the changes in the cost driver.......

A: variable costs are the costs that change according to the changes in the cost drivers or changes…

Q: For each of the following costs, identify whether it is a Fixed, Variable or Both

A: Introduction to variable cost- Variable cost is one of the costs among fixed cost and semi-variable…

Q: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…

A: A cost accounting system is a system of accounting that is helpful for the internal management to…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: Select all of the following that are the same as a relevant cost: unavoidable cost Oavoidable cost…

A: Relevant cost is a cost that is specifically relevant to a particular decision being made. It is a…

Q: Summary, identify and relate the concepts of costs variable, step-variable, fixed, step-fixed,…

A: Answer:-  Cost meaning:- Cost is the sum money that a business spends on the development or…

Q: There are three categories of costs: fixed costs, variable costs and semi-variable costs. Which of…

A: Semi-variable cost includes both fixed and variable costs. In this, most of the part is fixed but…

Q: In cost accounting, relevant range refers to the range over which a. cost relationships are valid b.…

A: Cost accounting refers to managerial accounting that is related to capturing the total cost of…

Q: The “fixed cost per unit function” may also be described as: a.an asymptote b.the total cost line…

A: Introduction:- Fixed costs, also known as indirect costs or overhead costs, are corporate expenses…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Determining cost behavior Identify each cost below as variable (V), fixed (F), or mixed (M),…

A: Variable Cost: That cost which changes with changes in volume of activity is called variable cost.…

Q: Cost classifications used for preparing financial statements Include: Multiple Choice Product cost…

A: Answer : Concept :  Product cost is the cost that can be directly associated with the product and…

Q: What type of cost is included in economic costs, but not included in accounting costs?a. Explicit…

A: Economic costs are the costs in which consideration is given to opportunity costs as well.

Q: In CVP Analysis, total costs are defined as costs derived from product costs and period costs. TRUE…

A: Cost-volume-profit analysis is used to determine how the company's profit has been affected due to…

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: Cost allocation is a general term that refers to identifying accumulated costs with, or tracing…

A: Answer:- Cost allocation:- Identification, agglomeration, and assignment of costs to cost objects…

Q: Sheets & Homes Budget for Costs and Activities For the Year Ended February 28, 2017 Direct materials…

A: Costs are classified into two categories i.e. variable cost and fixed cost. Variable cost has a…

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: What costs are assigned to a segment under the contribution approach? Distinguish between a…

A: The first part of the question is asking about the costs that are assigned to a segment under the…

Q: Product Cost Flows Complete the following T-accounts: Materials Inventory Wages Payable Finished…

A: Transfer the relevant amounts to relevant accounts, and close the accounts.

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

Q: Explain how the accounting definition of an asset is related to the choice between absorption and…

A: Absorption costing:   Absorption costing is compulsory under Generally Accepted Accounting…

Q: Distinguish between fixed and variable costs while dealing with semi-variable expenses.

A: Fixed and variable costs: The term "variable cost" refers to a cost subject to change based on the…

Q: Classify the following fixed costs as normally being either committed or discretionary:c. Research.

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

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: Indicate whether each cost is: A. Fixed or Variable b. Selling, General/Administrative, or…

A: Fixed Cost: The cost which does not tend to increase or decrease with the change in number of goods…

Q: Which of the following summarizes the weighted average cost flow assumption? O Weighted average…

A: The weighted average cost flow assumption is a method of assigning costs to inventory and the cost…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.