Required: 1. Which of the two approaches could be aptly labeled price-led costing?

Q: What type of cost drivers do modern costing systems use and how does it differ from the cost drivers…

A: Cost Driver Business activities are  influenced by a cost driver . Cost drivers are the factors…

Q: Kaizen costing aims to reduce costs during the A. production B. post-production C. design D. testing…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: synthesis of contemporary key costing?

A: Costing refers to the process of determining the cost of a product or service

Q: Understand costclassifications used in makingdecisions: differential costs,opportunity costs, and…

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

Q: Q- 2: and variable costing? What is the basic difference between absorption costing

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

Q: Which is more consistent with cost-volume-profit analysis, variable costing or absorption costing?…

A: Absorption Costing: "Absorption costing is a method that allocates "direct labor, direct materials,…

Q: The advantages of standard costing exceeds its disadvantages. True or false? Explain further

A: Standard Costing The primary purpose of implementing the cost accounting system to any organisation…

Q: Explain the difference between price-takers and price-setters.

A: When a company cannot dictate prices then it is known as price taker. On the contrary, when a…

Q: Q 7: prices What is meant by Transfer price and why transfer are needed?

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

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 any TWO advantages and TWO disadvantages of standard costing analysis

A: Standard costing is the way to allocate the costs to the activities like for materials, labor or…

Q: Explain the difference between the variable and absorption costing methods.

A: Under Variable Costing method, only variable costs are considered which includes only variable cost…

Q: Explains the effect on profit of using variable (marginal) and absorption costing.

A: The income statement can be prepared using various methods as absorption costing and variable…

Q: What is variable costing? How does it differ from absorpotion costing? Which can better be used to…

A: Variable Costing is a costing method where variable expenses change in proportion with production.…

Q: Outlines TWO advantages and TWO disadvantages of both variable (marginal) AND absorption costing…

A: Variable Costing:- SOLUTION:- Variable costs are costs that change as the quantity of the good or…

Q: Show income comparison's of absorption and variable costing?

A: Absorption costing method can be defined as the all the costs that is associated with the production…

Q: 3. Why there is a need to identify the standard cost?

A: Standard cost is the estimated cost of a certain process, resource or any item.

Q: Critically evaluate the concept and application of marginal costing

A: Concept of marginal costing: Marginal cost is the difference between total costs increasing or…

Q: Describe ABC Required: a What is activity-based costing and how does it differ from traditional…

A: SOLUTION- Activity-based costing and traditional absorption costing are the two different approaches…

Q: With respect to Pricing decision in Cost Accounting, state any 4 situations where pricing below…

A: Pricing decision plays an important role in an product sales and growth where the price of the…

Q: COSTING METHOD. 1. What is average cost method? 2. What is FIFO cost method?

A: Solution: 1.   Average cost method: Average cost method is also known as weighted average method.…

Q: Is there a benefit behind using either FIFO, LIFO, or the weighted average costing method?

A: Yes, there are benefits to using each of the three inventory costing methods - FIFO…

Q: What is the primary disadvantage of basing the costplus pricing formula on absorption cost?

A: Definition: Cost plus-pricing approach: The pricing approach used by the companies to set the target…

Q: What is a relationship between fixed, variable and semi-variable cost?

A: Cost can be defined as the amount incurred upon the production of goods and services for the final…

Q: Discuss the different situations for when Traditional Absorption Costing and Relevant costing would…

A: The traditional absorption costing is useful to estimate the cost of production that include direct…

Q: ariable costing is sometimes called a. differential b. direct

A: Variable costing is a costing system under which those costs of production that vary with output are…

Q: Which of the following cost behaviors cannot be accurately represented by a single straight line? A.…

A: Cost behaviours break down into four expense classifications as follows…

Q: Compare actual and normal costing. What is the benefit of each? What is a circumstance in which each…

A: Actual Costing: Actual costing is a cost bookkeeping framework that utilizes genuine cost,…

Q: Explain the difference between  - Absorption and Marginal Costing

A: The Question has covered the concept of Absorption and Marginal Costing. Absorption Costing The…

Q: What are the four components of target costing? Why areeach of these components important for target…

A:

Q: Variable costing can also be referred to as: Select one: a. Internal costing b. Cost-plus costing c.…

A: MARGINAL COSTING INCOME STATEMENT Marginal Costing Income Statement is One of the Important Cost…

Q: evolution  of Activity based costing?

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

Q: What are the advantages and disadvantages of ABC relative to the step-down method of cost…

A: ABC means Activity Based Costing. Costs will be allocated based on the activities the organization…

Q: be considered

A: The phrase "mixed costs" in accounting refers to costs and expenses that include two components:…

Q: How are absorption costing and variable costing the same? How are they different?

A: Absorption Costing: "Absorption costing is a method that allocates "direct labor, direct materials,…

Q: Critically evaluate the concept and application of marginal costing

A: Marginal Costing :— Marginal Costing is the Part of Cost management Techniques.  Marginal Costing…

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.