What is meant by the term slicing and dicing?

Q: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: Define Raw materials.

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

Q: Define product cost

A: Direct costs is referred to as the cost which can be traceable to a product directly. Example,…

Q: What does the concept of cost of equipment includes? Describe in detail.

A: Property, plant, and equipment: These assets are long-lived economic resources which are owned by…

Q: Why is materials inspection a prevention costs rather than an appraisal costs?

A: Lets understand the basics. Cost incurred in order to minimize or avoid the defect at the production…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Differentiate between physical units and equivalent units

A:

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: Define absorption costing.

A: Absorption costing refers to managerial accounting cost method for expending each costs associated…

Q: How can the work-in-process concept be viewed?

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

Q: Describe the effects of using direct and indirect material.

A: Direct materials are required directly in the production process like wood required to make…

Q: What is a sweep?

A: A sweep account is a bank account or brokerage account that will automatically transfers amounts…

Q: Define the term process-costing system.

A:

Q: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: How do you find full absorption cost

A: Absorption costing refers to the method of managerial accounting in order to capture all the costs…