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: Which of the following is the best definition of product costs? a. Product costs are those costs…

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product…

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: 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: A system for accumulating detailed information about the cost of producing a product is known as a…

A: In accounting, there are several branches or systems for use. These are financial accounting,…

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: Why do managers use a standard cost system to control business activities? a) Setting standards…

A: Standards represent the budgeted performance that the company expects to achieve in future. The…

Q: Absorption costing is intended for Select one: O a. None of the above O b. Outside distribution or…

A: Absorption Costing:-It refers to the method of costing to account for all the costs of…

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: f the given answers is correct. w based costing (ABC) can be used for e onal costing cannot be used…

A: the correct option is (a) Activity based costing can be used in service companies

Q: - standard costing

A: Standard costing system is the method of setting standards for every costs and revenue and comparing…

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: Which of the following is not a reason for banks to use activity-based costing? Oa. to determine…

A: Introduction:- Activity Based Costing is a costing method that identifies and assigns overhead and…

Q: Cost assignment and cost accumulation

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

Q: What role do standard costs play in controlling the operations of a business? How are standard costs…

A: Cost Accounting -Cost accounting is a commercial activity in which we track, analyze, compile, and…

Q: 1. Distinguish between financial and managerial accounting for (a) first users of reports, (b) types…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

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: **Question:** Which method is commonly used in accounting to compare actual costs with standard…

A: Activity based costing - It assigns overhead costs to products based on activities they require

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: 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: Which of the following is not an objective of product costing systems? a. To assist in the…

A: Product costing refers to the total amount of total costs allocated to a specific product on the…

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…

Q: actors affecting the classification of a cost as direct or indirect include: OA. cost behaviour…

A: Direct Cost:- Costs that are directly related to the production of goods are called direct costs…

Q: tatement is true or false, and correct the false tatement(s): Manufacturing cost is called period…

A: Manufacturing cost is the cost incurred to manufacture units . It includes direct material , direct…

Q: b.Cost control and reduction

A: Answer 20 Select which of the following requires a separate measurement of cost. D:- Volume   Answer…

Q: PLEASE ANSWER ALL   4. A cost management system will provide the means to develop a. The most…

A: Cost management is the system to manage the Cost ( Plan and control )

Q: Costs estimations and cost predictions are two terms often used as management accountant that must…

A: under the accounting process management decide to do estimation of the cost which will tell that how…