Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a cost system?

Q: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: discuss the various costing methods?

A: Various Methods of costing are as follows: 1) Unit Costing 2) Operating Costing 3) Contract Costing…

Q: Explain the Problems in Cost Accounting Measurements?

A:

Q: Which of the following is a carefully predetermined cost that is usually expressed on a per unit of…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: a. what are the primary differences between traditional and activity-based costing?

A: Traditional costing and Activity based costing are two types of costing methods that are being used…

Q: Explain the difference between direct costs and indirect cost

A: Direct cost is the cost incurred by the organization while performing their center business process…

Q: Explain the measures of cost allocation.

A: The company incurs a different cost to provide goods and services to the customers. The entity…

Q: How is activity-based costing useful for pricing decisions?

A: Pricing Decisions:Pricing decisions are those decisions that are related to ascertain the price of a…

Q: What is a component cost?

A: The most granular description of element costs is the cost components.  Types of cost components are…

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: What is normal costing?

A: Normal Costing Normal costing is refer as the method of costing which helps for derivation of cost.…

Q: Define cost drivers.

A:

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

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: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

Q: How is activity-based costing (ABC) different from traditional cost systems?

A: Cost accounting is a branch of accounting in which all costs are analysed and accumulated to…

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: evolution  of Activity based costing?

A: Introduction:- Activity-based costing (ABC) is a cost accounting methodology that assigns overhead…

Q: describe the basic objectives in the use of standard costs.

A: Standard costing indicates the process where the management estimates the required cost is advance…

Q: What is cost management?

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

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Adoption of Activity based costing?

A: Introduction:- In this context, the question is asking about the factors that influence the adoption…

Q: Direct costs and indirect costs can be easily traced directly to a cost object.

A: Most of business purchases materials process them into finished goods and sells these goods to…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.