Cost accounting provides management with a variety of cost classifications that can be used for different decision-making processes. Write your opinion on how management could use each of the following cost classification for decision making: Direct and indirect costs. Fixed, variable, and mixed costs. Period and product costs. Manufacturing and selling costs. Standards and actual costs.

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: Under what conditions is a market-based transfer price most likely to be used?

A: Transfer Pricing: It is termed as the cost which is charged by the one department of the company…

Q: Cost accounting is an accounting process that measures all of the costs associated with production,…

A: Cost accounting is the process of calculating a company's total cost of production by considering…

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: The relevant range of activity costing is: Select one: O a. Is the cost that causes change in total…

A: Under activity costing, indirect costs or overhead are allocated to products or jobs on the basis of…

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: 1.An activity that has a direct cause-effect relationship with the resources consumed is a(n) Group…

A: In activity based costing the cost are apportioned based on the respective cost drivers

Q: Discuss the role of cost accounting in managerial decision-making, including cost classification,…

A: The category of accounting known as "cost accounting" is responsible for gathering, analysing, and…

Q: how Cost Managemnt decision-making plays a role in the decision-making and success of the company?

A: Cost management decision-making is a critical aspect of any business. It involves the process of…

Q: In an activity-based costing system, the first step in assigning costs is to • A. separate…

A: Activity-based costing is the method of allocating/assigning the indirect cost to various products…

Q: 2) Refining a cost system requires: A) classifying as many costs as indirect costs as is feasible B)…

A: Refining a cost system means making some modifications to simple costing system that includes direct…

Q: lative to traditional product costing, activity-based costing differs in the way costs are Group of…

A: There are different methods of costing in the accounting some are simple but others are not so…

Q: Describe the concept of management by exception and explain how standard costs help managers apply…

A:

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: Discuss two potential application of the activity based costing system in decision-making, to the…

A: Activity based costing method helps in allocating overhead cost of products based on different…

Q: Briefly explain how product costs are viewed on a flow-of-activity basis.

A: Product costs on a flow-of-activity basis involve looking at the costs associated with the…

Q: ost, sunk costs or opportunity costs. Keep in mind that one cost can be fall into different…

A: 1) Predicting cost behavior cost classifications Every company incurred the costs in order to…

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.