The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank sector C. merchandizing sector d. Service sector

Q: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: Describe and illustrate a job order cost accounting systems for service businesses.

A: Job Order Costing is a cost accounting system used in situations where the company delivers a unique…

Q: What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of…

A: inventoriable product costs consists of costs incurred in producing the goods. all the direct and…

Q: In the blank next to the following terms, place the letter A through D corresponding to the best…

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Explain the difference between service company and manufacturing company.

A: Explain the difference between a service company and a manufacturing company.   Service Company:…

Q: Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of…

A: Manufacturing companies are those companies which are engaged in conversion of raw material into…

Q: Which one of the following costs can be accurately identified as forming part of a cost centre?…

A: cost center - it is a department that indirectly contributes to the organization's profits.  They…

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: Using the following balance sheet and income statement data, what is the debt to assets ratio? $ 2$…

A: Debt to assets ratio means ratio between total debt and total assets in the business.

Q: How should a company decide on the number of cost pools it should use to allocate costs to…

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With the…

Q: A report that lists the types and amounts of costs incurred in manufacturing is a:

A: A report that lists the types and amounts of cost incurred in manufacturing is a: Schedule of cost…

Q: how useful is the activity based costing information isto the internal users in the organisation?…

A: Activity based costing is an approach to the costing and monitoring of activities and costing final…

Q: 1. What types of costs are allocated? What is a support department? What is a producing department?…

A: Allocation refers to distribution of total overhead cost to the departments that have actually used…

Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…

A: Accounting is the method by which the transactions of the business can be recorded so that the…

Q: https://youtu.be/HLsjQTg_Lzw   Explain the various components of product costs and how they are…

A: 1. In management accounting, product costs are meticulously analyzed to provide a comprehensive…

Q: When materials and supplies are used in a product that will be sold to customers, the usage of the…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: costing is seen as part of the total life-cycle costing approach, in that cost savings are sought at…

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

Q: Describe a cost center, profit center, and investment center that one manufacturing company might…

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

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: Which of the following costs would be included on an income statement for both a merchandising…

A: Merchandising concern - This entity deals with buying and selling inventory from the supplier to the…

Q: Identify whether each of the following costs should be classified as product costs or period costs.…

A: Product Costs : Product Costs means the direct costs incurred for production of a product. Product…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

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: What is the purpose served by cost information illustrating it in relation to manufacturing business

A: A manufacturing company is an entity engaged in the production of goods. Manufacturing is about the…

Q: If selling and administrative expenses are allocated to different products, they should be reported…

A: Cost refers to the amount spent to acquire a product and item, or the cost used to produce a product…

Q: Which one is a product cost Select one: a. Travel Expenses b. Power c. Rent Factory Building d.…

A: Solution: Rent factory building is a product cost as this is a manufacturing overhead that…

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: how the aborption costing method and the activity based costing method impact business oganizations

A: Absorption costing and activity-based costing (ABC) are two methods of determining the cost of…

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: In order to determine product costs, JIT firms are usually structured so they can use: a.joint…

A: See the answer below:

Q: Choose one example of an asset, and referring to the characteristics of assets, explain why your…

A: Assets are property of the company which provides economic benefits to the company. A liability…

Q: Dozier Company produced and sold 1000 units during its first month of operations. It reported the…

A: Since your question has multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

Q: Which of the following are the two main types of cost accounting systems for manufacturing…

A: The correct answer is: (A) Job order cost and process cost systems. Job order cost systems are used…

Q: Explain manufacturing activities and the flow of manufacturing costs

A: Manufacturing activity: Manufacturing activity comprises of materials, production and sales…