(i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A direct cost D. An indirect cost

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: Cost ManagementCost management is the process of organizing and overseeing a company's spending…

Q: Explain difference between prime costs and conversion costs.

A: Prime cost: It is the cost which is incurred for manufacturing a product. It includes direct…

Q: what is an indirect cost and how is it different than a direct cost?

A: Indirect Cost: Indirect costs are the costs of doing business that are not easily identified with a…

Q: Indirect costs are known as: (a)  Avoidable costs (b)  Overheads (c)  Incremental costs (d)…

A: 1) Indirect costs means costs which are not directly related to cost of production. Indirect costs…

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: Standard cost is a Select one: O a. Actual cost b. Historical cost c. Predetermined cost O d. direct…

A: Let's start with understanding of meaning of standard cost  Standard cost:- Standard cost is the…

Q: In cost accounting, differentiate between allowable, allocable, reasonable, and consistent costs.

A: Allowable: A cost is allowable to a project if it meets the following criterias- The costs are…

Q: EXPLAIN THE FOLLOWING: 1. Gross profit variation 2. Cost concept

A: The amount of profit earned by the entity after deducting the costs that are related to the…

Q: costs that change proportionately according to the changes in the cost driver.......

A: variable costs are the costs that change according to the changes in the cost drivers or changes…

Q: Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also…

A: Relevant costs: These costs can be defined as the costs that can be avoided if we choose over option…

Q: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…

A: A cost accounting system is a system of accounting that is helpful for the internal management to…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: Select all of the following that are the same as a relevant cost: unavoidable cost Oavoidable cost…

A: Relevant cost is a cost that is specifically relevant to a particular decision being made. It is a…

Q: Summary, identify and relate the concepts of costs variable, step-variable, fixed, step-fixed,…

A: Answer:-  Cost meaning:- Cost is the sum money that a business spends on the development or…

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: 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: The “fixed cost per unit function” may also be described as: a.an asymptote b.the total cost line…

A: Introduction:- Fixed costs, also known as indirect costs or overhead costs, are corporate expenses…

Q: What type of cost is included in economic costs, but not included in accounting costs?a. Explicit…

A: Economic costs are the costs in which consideration is given to opportunity costs as well.

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: Direct costs can be referred to as fixed costs. True or False?

A: Cost are divided into two parts which are, (1) Direct cost (2) Indirect cost Direct costs are the…

Q: Consider the following statements: (1) Total costs will equal the sum of fixed and variable costs.…

A: (1) Total costs will equal the sum of fixed and variable costs. This statement is true because fixed…

Q: a) Why are neutral expenes eliminated and imputed cost added to derivee cost from expenses

A: Deriving the cost from expenses is necessary to ascertain the exact cost incurred and to…

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: 2. Distinguish between direct and indirect costs.

A: Costs or expenditure is the amount which is incurred by the manufacturer entity in the production of…

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: ariable costing is sometimes called a. differential b. direct

A: Variable costing is a costing system under which those costs of production that vary with output are…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

Q: Explain how the high-low method determines:a. The variable portion of a semivariable cost.b. The…

A: This method is used to segregate variable cost and fixed cost. In this method, highest level of…

Q: Classify the following fixed costs as normally being either committed or discretionary:c. Research.

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

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

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.