Explain one example of the cost driver.

Q: What is cost-allocation base? Give three examples?

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With the…

Q: Give some examples of Fixed Costs?

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: What are some factors that affect variable costs?

A: Variable costs: A variable cost is a business expenditure that varies in proportion to manufacturing…

Q: Define unavoidable fixed costs.

A: Unavoidable fixed costs are fixed costs which cannot be avoided by discontinuing a product line or…

Q: Need Answer please provide Solutions

A: Detailed explanation:1. Factory Overhead Rate = budgeted factory overhead / budgeted direct labor…

Q: Explain the term internal failure costs.

A: Internal failure costs: Internal failure costs include additional production-related costs that are…

Q: 3: Company B purchases a vehicle on January 1st for $120,000. The vehicle has a useful life of 3…

A: Under double declining balance method, the depreciation is charged on the declining balance at…

Q: Explain the difference between fixed cost and variable cost? Support your answer with examples

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

Q: Why do engineers need cost data?

A: The question is based on the concept of cost in engineering projects.

Q: Explanation of the meaning of the target costing ?

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: Define variable cost and fixed cost. Give an example of each?

A: Variable Cost: Variable cost refers the cost which varies due to the change in the level of…

Q: Giving examples, distinguish between  Direct costs and indirect costs

A: Direct Costs are the costs that can be directly traced with the goods produced. It generally…

Q: What is the difference between a linear and a nonlinear cost function? Give an example of each type…

A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…

Q: What are fictional assets, and how do they work?

A: Asset is such resources that has future benefits. It has two types:- tañgible , intangible.…

Q: Define the term avoidable cost.

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

Q: Types of Fixed and Variable cost with the help of example and graph?

A: Costs are the total spent amount for the expenditures and for producing the goods and services.…

Q: Explain why it is necessary to classify costs by their behaviour.

A: Lets understand the basics. Basically cost by behaviour means classification of total costs in fixed…

Q: Giving examples, distinguish between Prime costs and Marginal costs

A: Prime costs are the firm total expenses directly related to the materials and labour used in…

Q: Define and discuss the difference between indirect and direct cost. Provide an example of each.

A: Direct costs are expenses for manufacturing and selling products. Direct costs include the cost of…

Q: Explain an example of fixed cost.

A: Cost:   It is the economic value of resources incurred by an organization for producing a product or…

Q: Why there is a need to identify the standard co

A: Standard Cost A standard cost is an estimated expense that normally occurs during the production of…