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: 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: 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: 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: 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: 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.