Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
16th Edition
ISBN: 9780134475585
Author: Srikant M. Datar, Madhav V. Rajan
Publisher: PEARSON
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Question
Chapter 15, Problem 15.11Q
To determine
The cost accounting standards are the standards set by a board which is called as the Cost Accounting Standard Board. These standards are made to achieve the uniformity and consistency in regard to the identification, assignment, and allocation of the costs.
To explain: The role played by the cost accounting standards board when the companies contract with the government of U.S.
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Chapter 15 Solutions
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Ch. 15 - Prob. 15.1QCh. 15 - Describe how the dual-rate method is useful to...Ch. 15 - How do budgeted cost rates motivate the...Ch. 15 - Give examples of allocation bases used to allocate...Ch. 15 - Why might a manager prefer that budgeted rather...Ch. 15 - To ensure unbiased cost allocations, fixed costs...Ch. 15 - Prob. 15.7QCh. 15 - What is conceptually the most defensible method...Ch. 15 - Distinguish between two methods of allocating...Ch. 15 - What are the challenges of using the incremental...
Ch. 15 - Prob. 15.11QCh. 15 - What is one key way to reduce cost-allocation...Ch. 15 - Describe how companies are increasingly facing...Ch. 15 - Distinguish between the stand-alone and the...Ch. 15 - Identify and discuss arguments that individual...Ch. 15 - Single-rate versus dual-rate methods, support...Ch. 15 - Single-rate method, budgeted versus actual costs...Ch. 15 - Dual-rate method, budgeted versus actual costs and...Ch. 15 - Support-department cost allocation; direct and...Ch. 15 - Support-department cost allocation, reciprocal...Ch. 15 - Direct and step-down allocation. E-books, an...Ch. 15 - Reciprocal cost allocation (continuation of...Ch. 15 - Allocation of common costs. Evan and Brett are...Ch. 15 - Allocation of common costs. Gordon Grimes, a...Ch. 15 - Revenue allocation, bundled products. Couture Corp...Ch. 15 - Allocation of common costs. Jim Dandy Auto Sales...Ch. 15 - Single-rate, dual-rate, and practical capacity...Ch. 15 - Prob. 15.28PCh. 15 - Fixed-cost allocation. Central University...Ch. 15 - Allocating costs of support departments; step-down...Ch. 15 - Support-department cost allocations;...Ch. 15 - Common costs. Tate Inc. and Booth Inc. are two...Ch. 15 - Prob. 15.33PCh. 15 - Support-department cost allocations;...Ch. 15 - Revenue allocation, bundled products. Boca Resorts...Ch. 15 - Support-department cost allocations; direct,...
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- How might service industries predict revenue?arrow_forwardWhat role do standard costs play in controlling the operations of a business? How are standard costs developed for direct materials, direct labor, and manufacturing overhead? Are there ever costs that we can't develop standards for related to manufacturing the goods?arrow_forwardWhich of the following is true of accounting for research and development cost? Responses Accounting for research and development costs is same under U.S. GAAP and IFRS. Accounting for research and development costs is same under U.S. GAAP and IFRS. The current accounting for research and development costs under U.S. GAAP avoids the probability of companies to manipulate their earnings. The current accounting for research and development costs under U.S. GAAP avoids the probability of companies to manipulate their earnings. U.S.GAAP adheres to the matching principle by expensing research and development costs. U.S.GAAP adheres to the matching principle by expensing research and development costs. Under U.S. GAAP accounting for research and development costs violates the conservative principle. Under U.S. GAAP accounting for research and development costs violates the conservative principle.arrow_forward
- What are the difference between the cost of goods sold of manufacturing and service typebusinesses or industries?arrow_forwardwhy service industry involve operating expenses and retail industry involve operating expenses and cost of goods sold?arrow_forwardDescribe how manufacturing, merchandising and service-sector companies differ from one another?arrow_forward
- Which of the following is not a period cost? Group of answer choices Sales commissions. Public relations costs. The salary of a company's chief financial officer (CFO). Legal costs. Wages of assembly-line workers.arrow_forwardWhat is the most important difference between a manufacturing firm and a service industry firm, with regard to the classification of costs as product costs or period costs?arrow_forwardwhich of the following expenses is properly reported on commissions and fees line of Schedule C amounts paid for services and not included on other lines of Schedlue c Comensation paid to independent contractors labor costs for fabricating raw materials into a finished product Preparation of tax forms related to the businessarrow_forward
- Which can be considered a product cost in a manufacturing company? - corporate tax -sales commissions - property rate -equipment depreciationarrow_forwardwhy service industry not involved production cost and retail industry involve in production cost?arrow_forwardWhat is the primary objective in accumulating costs by departments?arrow_forward
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