A difference between standard costs used for cost control and budgeted costs       Can exist because budgeted costs should be verified first by actual activities while standard cost are based on project costs.       Can exist because standard cost must be determined after the budget is prepared.       Can exist because established budgeted costs involve employee participation and standard cost do not       Can exist because standard costs represent what costs should have been whil

Q: Define opportunity costs and explain why they represent acommon source of error in making cost…

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Q: managers duty to take appropriate action when accounting reports indicate

A: Managers are involved in planning and implementing appropriate actions to lead the organization…

Q: Should actual or budgeted service department costs be allocated? Why?

A: Service department:   A service department is a division in an organization that is not involved…

Q: Marginal Costing

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

Q: 14. A difference between standard costs used for cost control and budgeted costs Group of answer…

A: Standard Costs in accounting world  & in simple words are those costs which estimate the actual…

Q: Time-driven ABC requires estimates of onl

A: Time-Driven Activity-Based Costing-: Time-driven ABC allows managers to document their expenses on…

Q: Possible terms: Activity-Based Costing Appraisal or Inspection Costs Batch-Level Activities…

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Q: The allocation of indirect costs in an activity-based costing system a. may require other costs to…

A: In ABC(Activity-Based Costing) costs are traced to specific activities (activity pools) within an…

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: Responsibility reports should be simple, show variances between the budgeted and actual amounts of…

A: Responsibility reports is a system of preparation of reports for each level of responsibility in the…

Q: S1: A budgeted cost for one unit of product may not always be the standard cost of said product. S2:…

A: solution concept Budgeted cost means the cost that is expected to be incurred and planned to be…

Q: Activity-based budgeting focuses on estimating the costs of activities rather than the costs of…

A: Activity-Based BudgetingABB is a budgeting strategy that focuses on identifying and arranging…

Q: Manufacturing overhead variations become more meaningful as control device when:       A. flexible…

A: The question is multiple choice question.The question is related with Budgetory control.

Q: a predetermined application rate for conversion costs is based on actual conversion costs divided by…

A: Conversion costs are costs that are incurred for converting raw materials of the business into…

Q: 1. Match cach of the following terms with the appropriate definition. The difference between actual…

A: Different techniques of cost Analysis Importance of cost analysis in the organisation to determine…

Q: characteristics critically affect the design of a cost management system? Select one: a. Culture…

A: Cost management system consisting of the formal methods that include controlling and planning of…

Q: Accounting systems that use standards for product costs are called budgeted cost systems.

A: Accounting systems that use standards for product costs are called standard cost systems.

Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…

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Q: The difference between the actual costing and normal costing methods is that actual costing uses a…

A: Actual costing is a costing method that assigns actual direct costs and actual indirect costs…

Q: may be overlooked by many IT professionals, which may have a negative influence on the project's…

A: The concept of sun cost is associated with all those cost and expenditure which have been encloud…

Q: Discuss the factors that are likely to cause managers to submit budget estimates of sales and costs…

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: cost variance

A: Variance analysis plays a key role in the functioning of any company. It lets you identify key areas…

Q: 1. Explain the concept of responsibility accounting and its relation with budgeting.

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Discuss the advantages and disadvantages of using a cost planning and control system based on earned…

A: A method for gauging project performance and advancement in terms of cost and schedule is earned…

Q: Which of the following statements is true with regard to activity-based costing?   Multiple Choice…

A: The overhead is applied to the production using various methods as traditional costing and activity…

Q: In an activity flexible budget, the variable cost component typically corresponds to

A: Variable cost components in a flexible activity budget typically correspond to the resources…

Q: Which of the following is/are true statements: A) Revenue sources for non for profit organizations…

A: The variance shows the difference between the actual and the budgeted figures of both the data as…

Q: not easily traceable and are allocated to a cost object u not abbreviate or add any extra spacing in…

A: Direct costs refer to those expenses which can be directly related to a product or a service.

Q: What circumstances might create distortions where estimated costs are not an accurate representation…

A: The estimated costs are the costs determined through the estimation process on past…

Q: Which one of the following is NOT a budgetary benefit? It establishes the organization's goal. It…

A: Budgeting is a written plan covering projected activities of a firm for a defined period of time…

Q: a) Briefly discuss the similarities and differences between the terms 'overhead absorption rate' and…

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

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: Which costing techniques are related to a predetermined cost as a performance target, and actual…

A: Solution: "Standard costing"  techniques are related to a predetermined cost as a performance…

Q: Cost allocation bases are ideally based on a cause and effect basis. That is not always easy when…

A: Cost allocation is the process of assigning or distributing a company's indirect costs to various…

Q: Which of the following statements is not an Objective of the cost management system Select one: a.…

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.