What is a standard cost? Explain? Give an example?

Q: How do you calculate contribution margin?

A: The contribution margin can be calculated by deducting the variable cost from the sales revenue.

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

Q: ost flow methods and assumptions. What

A: The different cost flow methods and assumptions are as follows: FIFO LIFO Weighted average

Q: Give some examples of Fixed Costs?

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…

Q: What are the factors Affecting Cost Management?

A: The objective of this question is to identify and explain the various factors that can influence…

Q: What are some factors that affect variable costs?

A: Variable costs: A variable cost is a business expenditure that varies in proportion to manufacturing…

Q: Describe the uses of cost-plus pricing.

A: Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling…

Q: Why do engineers need cost data?

A: The question is based on the concept of cost in engineering projects.

Q: Define variable cost and fixed cost. Give an example of each?

A: Variable Cost: Variable cost refers the cost which varies due to the change in the level of…

Q: What is normal costing?

A: Normal Costing Normal costing is refer as the method of costing which helps for derivation of cost.…

Q: What are the Step-Cost Behaviors?

A: The objective of this question is to understand the concept of step-cost behaviors in the field of…