Which one of the following is another name for product costs? Select one: a. Direct costs b. Period costs C. Administrative costs d. Inventoriable costs

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.…

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: What modifications are made to the cost classification of product costs in estimating service costs?

A: Cost classification refers to the separation of various expenses into different categories. It is…

Q: Which of the following is a carefully predetermined cost that is usually expressed on a per unit of…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: Explain the difference between direct costs and indirect cost

A: Direct cost is the cost incurred by the organization while performing their center business process…

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: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…

A: A cost accounting system is a system of accounting that is helpful for the internal management to…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…

Q: Giving examples, distinguish between  Direct costs and indirect costs

A: Direct Costs are the costs that can be directly traced with the goods produced. It generally…

Q: Determining cost behavior Identify each cost below as variable (V), fixed (F), or mixed (M),…

A: Variable Cost: That cost which changes with changes in volume of activity is called variable cost.…

Q: Define the term total costs.

A: Costs: Costs refer to the expenses incurred by the business in the procurement of the materials,…

Q: 1 Cost object: Bed 2 Timber acquisition costs 3 board acquisition cost 4 5 6 The cost of acquiring…

A: The question asked to classify the cost items. We need to classify the cost into production, and,…

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

Q: he distinction between indirect and direct costs depends on: Select one: a. whether a cost differs…

A: Direct cost means the cost which can be related with the production of specific goods directly like…

Q: What is the difference between cost tracing and allocation of costs?

A: 1. COST TRACING : IT IS THE ASSIGNMENT OF DIRECT COSTS TO A PARTICULAR COST OBJECT .    2.…

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Indicate whether each cost is: A. Fixed or Variable b. Selling, General/Administrative, or…

A: Fixed Cost: The cost which does not tend to increase or decrease with the change in number of goods…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: hat is distinguish between product and period cos

A: Product costs are the costs directly linked with the creation of a product or service for sale.…

Q: With respect to cost classifications for manufacturers:a. What is the total manufacturing cost?b.…

A: For a manufacturer,  Total manufacturing cost = Direct Material Cost + Direct Labour Cost + Variable…

Q: Product costs are also called:

A: Product costs are the direct costs associated with the manufacturing of a product and therefore…

Q: What Is Total Cost Reporting?

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Costs that can be conveniently and economically traced to specific products are called: Direct costs…

A: Direct cost means the cost which is related with production of goods including factory overhead…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.