Cost information is required for: Select one: O A. Pricing decisions O B. Valuation of inventories O C. Preparation of cost budgets O D. All of the above.
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- Explain how a scatter graph is used to identify and measure cost behavior.Identify appropriate cost drivers for these cost pools: A. material cost pool B. machine cost pooi C. painting cost pool D. maintenance cost poolExplain the components of the total cost equation and describe how each of the components can be used by management for decision-making.
- Write cost pool, cost driver, activity cost, budgeting. What are the assumption of CVP analysis? What is BEP point? Draw a CVP graph.The following statements are correct objective of cost accounting except: Ascertainment of cost Planning and controlling cost Decision making ObservationsDefine the following terms, and explain the relationship between them: (a) cost estimation, (b) cost behavior, and (c) cost prediction.
- Standard cost is a Select one: a. Actual cost b. Historical cost c. Predetermined cost d. direct costIt is the collection of cost data in some way through an accounting system A. Cost allocation OB. Cost Absorption C. Cost Assignment OD. Cost accumulation. a. Give suitable explanation on (i) Cost; (ii) Cost Objects; (iii) Cost Driver Discuss the different forms of Cost Classification
- Select which one is the method for ‘material issue pricing’. a. Weighted average method b. ABC analysis c. Reorder level d. Economic order quantityCost Accounting. Answer a, b, and c and provide solution. Use FIFO methodIn order to evaluate cost information managers must be able to distinguish between relevant costs and irrelevent cost. Explian this statement using an appropriate example.