What is the nature of cost management and how beneficial it is for the business?

Q: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

Q: For what decisions is the manager of a cost center not responsible?

A: Responsibility of Cost Centre Manager The main responsibility of the cost center managers to…

Q: How do the costs of doing business affect prices?

A: The cost of producing a product or service that a company sells is usually referred to as the cost.…

Q: What are some common challenges that companies face when implementing standard cost systems, and how…

A: Implementing a standard cost system can be a challenging process for companies, and some common…

Q: How do managers decide whether a cost is avariable or a fixed cost?

A: Cost refers to the amount of money incurred for acquiring a product or manufacturing a product. Cost…

Q: How would you recommend stabilizing the company's unit product cost?

A: Unit cost of a product is determined by dividing the total cost of the units produced by the total…

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

Q: What does it mean to externalize costs?

A: Externalizing costs means generating profits by reducing the indirect costs by imposing them on…

Q: Why is knowledge of cost behavior important for managerial decision making? Give an example to…

A: Meaning of Managerial decision making  Every organization have the planned goals which are to be…

Q: What term describes all business processes associated with providing a product or service? O The…

A: A product is a tangible item that can be sold to the customers.  Service is an intangible item which…

Q: How can variable costing be used in service companies?

A: Variable Costing: The variable costing is the method of costing in which only the variable…

Q: Why do managers need to know the cost of their products?

A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: What problems do companies face in designing and managing their channels?

A: Distribution channel is the chain in which the final customers receive the products or purchase the…

Q: What is the danger in allocating common fixed costs among product lines or other segmentsof an…

A: Fixed cost: It can be defined as the cost that does not vary with an increase or decrease in the…

Q: How exactly does the Net Present Value tool work and how is the IRR set within a company?

A: Net present value:- Net present value is the investment evaluation technique, where we evaluate…