Variable Costing Absorption Costing Product Cost Period Cost Product Cost Period Cost a. Direct materials х b. Direct labor c. Variable manufacturing overhead d. Fixed manufacturing overhead e. Variable selling and administrative costs f. Fixed selling and administrative costs

Q: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: Which of the following represent the right process order for cost allocation: Select one: O a.…

A: Cost Allocation is the process of identifying and assigning costs to the various cost objects. These…

Q: Distinguish between two methods of allocating common costs.

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

Q: Matching Following are a number of key terms and concepts introduced in thechapter, along with a…

A: Cost Accounting is a form of managerial accounting in which all the costs whether variable or fixed…

Q: Give two examples of appraisal costs.

A: Appraisal costs are costs that are associated with the quality control process incurred by the…

Q: true of false: A collection of costs to be assigned is called a cost pool.

A: Activity based Costing system is a method which is used to calculate total amount of Cost by…

Q: Explain the similarities between ABC and traditional costing .

A: Traditional Costing is the method of allocation of cost based on a single cost driver; whereas under…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: Standard cost is a Select one: O a. Actual cost b. Historical cost c. Predetermined cost O d. direct…

A: Let's start with understanding of meaning of standard cost  Standard cost:- Standard cost is the…

Q: Give me an example How Efficient are Graphic Techniques - Scatter Charts for Estimating Costs?

A: Meaning of Scatter Graph Method Scatter graph method is a graphical technique of separating fixed…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Sales…

A: Concept Introduction:   Product costs are the costs which are incurred only when a product is…

Q: Define each of the following terms:d. Flotation cost, F

A: Primary market is the place where company sells or offers new equity shares to the investors. New…

Q: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

Q: Explain average cost method.

A: Average cost method: Under average cost method inventories are priced at the average of all…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: Summary, identify and relate the concepts of costs variable, step-variable, fixed, step-fixed,…

A: Answer:-  Cost meaning:- Cost is the sum money that a business spends on the development or…

Q: Choose one correct answer by writing down the question number and the letter representing the answer…

A: Costs are classified as direct and indirect costs. Direct costs are a cost which is directly related…

Q: TRUE OR FALSE The last step in activity-based costing system is the selection of cost driver

A: Cost driver is used to compute the overhead rate per cost driver.

Q: Use T-accounts to showthe flow of costs in ajob-order costing system.

A: Every industry maintains different inventory accounts and every industry can use job order costing.…

Q: Describe four levels of a cost hierarchy.

A: Cost Hierarchy: Cost hierarchy is a used to classify the cost pool on different basis to determine…

Q: d.    Perpetual system, LIFO cost flow. e.    Periodic system, weighted-average cost flow. f.…

A: Perpetual inventory system - Movement of inventory is recorded on regular basis. Periodic inventory…

Q: What is cost allocation? Give three examples?

A: Cost allocation :Cost allocation is the allocation of cost to several cost objects such as…

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: In the first stage of ABC, a cost driver is selected for each activity cost pool. True or False?

A: ABC i.e. Activity Based Costing is a type of costing method used by companies to assign overhead and…

Q: Distinguish the effect of First in first out (FIFO), Last in last out (LIFO) and average cost on…

A: There are three method of Inventory valuation  First in first out ( FIFO ) Last in first out ( LIFO…

Q: Explain the major reasons for allocating costs.

A: The entity allocates its cost by using a different measure. The cost that is allocated is common and…

Q: describe the basic objectives in the use of standard costs.

A: Standard costing indicates the process where the management estimates the required cost is advance…

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: Define the term cost per service.

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

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.