Practice 2:  a: Define standard costs. b: under what conditions should previously established standard costs be revised? c: explain why the determination of standard cost amounts should not be the sole responsibility of a company's cost accountant.

Q: The definition of the cost is the collection of cost data in some organized way by means of an…

A: Cost is amount of cost incurred

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: Q1       discuss in detail Cost Accounting, Objectives of Cost Accounting, Essentials of a good…

A: Cost accounting is branch of management accounting in which all costs related with the products like…

Q: Cost assignment and cost accumulation are the two cost accounting system processes that helps…

A: Costing is the method of recording, all cost incurred in process of completing product project and…

Q: A responsibility accounting system utilizes and assigns costs on the basis of their a.…

A: With the use of a responsibility accounting system, performance and accountability may be evaluated…

Q: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

Q: Absorption costing is: A. a good way to value inventories for the balance sheet. B. used for…

A: Absorption costing is an accounting method used to calculate the manufacturing cost of a product. In…

Q: “Sunk costs are considered by a manufacturer in decision making”. Do you agree? Explain.

A: "Sunk costs are considered by a manufacturer in decision making”. I do not agree with this…

Q: For what purpose should the managerial accountant be careful to not use joint cost allocations?

A: Joint costs: The total costs incurred prior to the split-off point, where the joint products are…

Q: provide an example of a function/operation that is a cost for a company

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: . What are the three principle objectives of cost accounting system?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

Q: What does the following statement mean? “Accounting for overhead involves an important costbenefit…

A: Overheads are typically accounted by accumulating costs and dividing the total costs by the total…

Q: Question 2 Direct costs: are incurred to benefit a particular accounting period. are incurred due to…

A: Direct cost are those cost which can be directly link to the manufacturing of goods or rendering of…

Q: What are some common challenges that companies face when implementing standard cost systems, and how…

A: Implementing a standard cost system can be a challenging process for companies, and some common…

Q: When refining a costing system, the desire to identify direct costs, is primarily drive by the fact…

A: While refining a costing system the main purpose for direct costs is to identify and classify as…

Q: 1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and…

A: FIFO is one of the inventory valuation method being used in business. FIFO means first in first out.…

Q: is commonly suggested that a management accounting system should be capable of supplying different…

A: Solution-                                                              Costs , their purpose and…

Q: Information in a company’s first IFRS statements must: a.    have a cost that does not exceed the…

A: Definition:   International Financial Reporting Standards (IFRS): IFRS is a set of international…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: Match the type of cost shown in the left column with the corresponding description shown in the…

A: 1. Irrelevant Cost - (B)  A cost that is not pertinent to a particular decision. 2. Future Outlay…

Q: As a cost accounting manager, how can I ascertain the cost of production of product?

A: 1. Understand the production process: The first step to accurately ascertaining the cost of…

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: Describe the concept of management by exception and explain how standard costs help managers apply…

A:

Q: "Sunk costs are considered by a manufacturer in decision making". Do you agree? Explain.

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Discuss the difficulties associated with manual cost accounting and how the organization may improve…

A: Various difficulties associated with manual cost accounting system are as under : a.) Manual entry…

Q: Which of the following is/ are considered as the uses of standard costing?   Statement 1:…

A: Introduction:- Standard Costing:- The practice of estimating the cost of a production process is…

Q: A is not an example of a cost objective. a. department b. product c. territory d. All of these…

A: The question asked to find correct the option from the given options.   Cost object: The cost object…

Q: How cost accounting is useful where financial accounting could not be answered. Give any exampleto…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Explain the purpose of the cost accounting system

A: Cost Accounting involves accounting for all the cost incurred by the business. This takes in account…

Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners…

A: Solution: "Reporting to owners"  is not a function of Cost Accounting. This is because the functions…

Q: What is the similarities and defference between cost accontant, management accountant and fanincial…

A: Cost accountant deals with ascertainment, allocation, recording and analysis of accounting data. It…

Q: How different in management accounting from cost accounting? Provide a brief commentary in two…

A: Definition: Accounting: Accounting is the process of recording, summarizing, and reporting all the…

Q: not easily traceable and are allocated to a cost object u not abbreviate or add any extra spacing in…

A: Direct costs refer to those expenses which can be directly related to a product or a service.

Q: Those costs which cannot be influenced by the action of a specified member of an enterprise is…

A: Cost refers to the value and money incurred by producing something or service delivery to generate…