A cost allocation rule is the method or process used to assign the costs in the ________ to the ________. cost object; cost pool cost pool; cost object cost pool; opportunity cost cost allocation; cost pool

Q: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

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: Understand costclassifications used in makingdecisions: differential costs,opportunity costs, and…

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

Q: Which of the following represent the right process order for cost allocation: Select one: O a.…

A: Cost Allocation is the process of identifying and assigning costs to the various cost objects. These…

Q: Distinguish between two methods of allocating common costs.

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: allocation bases are

A: Activity-based costing is commonly known as ABC. It is a costing method that allocates indirect…

Q: Which of the following is the proper sequence of events in an activity-based costing system? A.…

A: Activity-Based Costing or ABC is a managerial accounting method that assigns certain indirect…

Q: true of false: A collection of costs to be assigned is called a cost pool.

A: Activity based Costing system is a method which is used to calculate total amount of Cost by…

Q: costing concentrates on managing costs by making as many small savings as possible. ...

A: 1. The correct answer is: (A) Kaizen    Kaizen costing is a cost management technique used to…

Q: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

Q: Under activity-based costing, second stage allocation would involve: O a. Defining activity measures…

A: Steps involved in Activity-based costing - Step 1 - identify and classify the activities involved…

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: A cost objective is the: O reason for allocating the cost O product, service, or department that is…

A: Cost object is the allocation related to the product, service. It allocate the cost according to the…

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: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

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: 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: cost

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

Q: Under activity-based costing, second stage allocation would involve: a. Calculating activity rates O…

A: ABC costing: Here the costs of products are to be allocated by the activities using cost pools. It…

Q: Explain the major reasons for allocating costs.

A: The entity allocates its cost by using a different measure. The cost that is allocated is common and…

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: Activity based Costing enables overhead cost to be ___________assigned to cost objects. a. Over b.…

A: Activity Based Costing is a method of accounting which is used to find the cost of activities…

Q: Explain why managers need to allocate indirect costs to the cost objects when calculating product…

A: Cost accounting is one of the important branch of accounting. Under this, different type of costs…

Q: are measures of activities that require the use of resources and thereby cause costs Value Chain…

A: Solution: Cost drivers are measure of activities that requires the use of resources and thereby…

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: ABC costing attempts to: O A. classify as many costs as indirect costs as is feasible. OB. identify…

A: B. identify the activities involved in a process.Explanation:Approach to solving the question:…

Q: Direct costs and indirect costs can be easily traced directly to a cost object.

A: Most of business purchases materials process them into finished goods and sells these goods to…

Q: Discuss the history of ABC method (Use references if you use any) Define the following with…

A: Activity-based costing a method of assigning overheads based on usage of a particular activity. It…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.