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: 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: What is a component cost?

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

Q: What is normal costing?

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

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: evolution  of Activity based costing?

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

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: Adoption of Activity based costing?

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

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.