Want. general account solution. THE FINAL DECISION AS TO WHAT STANDARD COSTS SHOULD BE THERESPONSIBILITY OF:A. MANAGEMENT.B. QUALITY CONTROL ENGINEERS.C. PURCHASING AGENTS.D. MANAGERIAL ACCOUNTANTS.

Correct Answer: a. management. Explanation:While different departments contribute to the development…

Answered: THE FINAL DECISION AS TO WHAT STANDARD…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 11Q: Explain the components of the total cost equation and describe how each of the components can be...

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Similar questions

Discuss the concept of controllable and uncontrollable costs and how they affect the evaluation of the responsibility centers financial performance.
What are the objectives of a cost management information system?
Although the cost-plus approach to product pricing may be used by management as a general guideline, what are some examples of other factors that managers should also consider in setting product prices?
What is the primary objective in accumulating costs by departments?
The managerial decision-making process has which of the following as its third step? A. Review, analyze and evaluate the results of the decision. B. Decide, based upon the analysis, the best course of action. C. Identify alternative courses of action to achieve a goal or solve a problem. D. Perform a comprehensive differential (differential) analysis of potential solutions.
An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.
. It is an important use of managerial accounting a. determine direct cost by adding direct materials b. understand customer orientation c. recast budgeted statements according to a situation d. change variables of risk internally and externally
Financial and cost accounting are both highly concerned witha. Preparing budgetsb. Determining product costc. Determining performance standards.d. Providing managers with information necessary for control purposes.
Describe how product cost informationis used by managers to identify cost improvement opportunities?
A standard costing system is most often used by a firm in conjunction with a. management by objectives b. target rates of return c. participative management programs d. flexible budgets
In activity-based costing, the criteria used in selecting cost drivers which is ideal isa. Benefits receivedb. Fairnessc. Causal relationd. Reasonableness
Discuss the role of cost accounting in managerial decision-making, including cost classification, cost-volume-profit analysis, budgeting, and variance analysis.]

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THE FINAL DECISION AS TO WHAT STANDARD COSTS SHOULD BE THE RESPONSIBILITY OF: A. MANAGEMENT. B. QUALITY CONTROL ENGINEERS. C. PURCHASING AGENTS. D. MANAGERIAL ACCOUNTANTS.