The topic is about standerd cost in cost accounting cost: Is it possible to measure the delivery of a service (e.g. a mortgage application) against a set standard? Justify with an example how delivery of service can be measured

Q: a prod

A: Standard costs are the anticipated costs of manufacturing the product. Standard Direct Materials…

Q: I need support with the statement of cost of goods manufactured and he income statement.   Please…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: variables cost

A: Variable cost is the cost that change according to sale or production volume.

Q: Which method results in a more realistic amount for income because it matches the most current costs…

A: The current costs is based on the purchasing of the latest products which means the having book…

Q: Explain the concepts of revenue, costs, break-even and profit with examples?

A: These concepts are related to variable costing in which we use variable cost to compute our…

Q: In our assignments should we use a table as shown in solutions or we can just simply write as an…

A: COGM stands for Cost of Goods Manufactured refers to the aggregate cost of goods that are…

Q: Which of the following is considered a fixed cost? a) rent expense b) marketing costs record…

A: The manufacturing company has undergone many costs. The process of the product will resulted in to…

Q: What are the different types of cost?

A: Costs refer to any expenditure done by a business or a firm in the process of production of a…

Q: Define how costs of goods and other costs such as taxes contribute to the performance besides sales?

A: Performance of the business is usually measured by the ability of the company to generate the net…

Q: XYZ Inc, is a BPO company that carters to different services: call.center.finance, and information…

A: Indirect Cost-:Indirect costs are expenses that correlate to an additional than one business action.…

Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: What is the difference between direct and indirect costs? Explain.

A: Cost is the expense incurred for producing or manufacturing a product. It includes raw material,…

Q: What is service cost, and what is the basis of its measurement?

A: Service cost: Actuarial present value of benefit attributed by the pension benefit formula to…

Q: When standard costs are used in applying the cost-plus approach to product pricing, the standards…

A: False No, the standards should not be based upon normal levels of performance.

Q: Do you think it is possible to set standard for delivery of service, which are primarily dictated by…

A: Standards are set for efficient utilization of operation resources and to perform the activity with…

Q: Identifying the relationship between the activity and the costs is a key step in which of the…

A: Scattergraph is a method of visual representation of the relationship between the cost & the…

Q: How cost accounting is useful where financial accounting could not be answered. Give any exampleto…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Why is it important to know the true cost for a product or service?

A: True Cost and its importance The meaning of true cost is simple term is the the distinguish between…

Q: What is the difference of price and cost? From (a) point of view of a customer; and (b) point of…

A: For businesses, the term "cost" refers to the expenditure associated with producing a something or…

Q: Which of the following is not a reason for banks to use activity-based costing? a.to determine…

A: Activity based costing (ABC): Under activity based costing method, the activities responsible for…

Q: What is the definition of cost?

A: In the business, costs are the important measures to determine the value of elements being purchased…

Q: How much is the cost of goods manufactured?  ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)

A: Cost of goods manufactured means total costs incurred on the goods that are produced and…

Q: How do I verify that Harlows actual cost figures are correct?

A: Total Cost=Direct material+Direct labor+Variable Overhead+Fixed Overhead

Q: Explain what cost behavious is and why it is important for business?

A: Cost Behavior is the change in the behavior of a cost (or costs) due to a change in business…

Q: What is life-cycle and/or full-cost accounting? IS THERE A DIFFERENCE?

A: In this question, we have to tell about life-cycle costing and full cost accounting, whether these…

Q: Listed below are several costs incurred in the loan department of Suwanee Bank and Trust Company.…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: estion will save this respo I using: cost of good available for cost of goods sold, sales

A: The right answer is option d Gross sales, Sales return &allowances, sales discount

Q: What is meant by Activity Based Costing? How does it differ from Absorption costing? Is it suitable…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Briefly describe the methods of calculation of costs in practice. Provide the comparison of both as…

A: Cost refers to the amount that is spent by the company to earn a profit. For example, advertisement…

Q: Reporting financial information imposes costs and obviously these costs should be justified by the…

A: Financial information means information related with the financial statements like Income Statement,…

Q: The branch of accounting that deals in particular with the different cost concepts in order to…

A: Accounting is a process of identifying, recording, classifying, summarising and analysing business…

Q: What is the total cost of ownership concept? What are some of the challenges that must be overcome…

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

Q: What are the benefits enjoyed by tourism firm by adopting cost accounting?

A: cost accounting -    cost accounting is the recording classifying summarizing and analyzing the…

Q: To make predictions about costs and income, you must first classify costs by their behavior.…

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

Q: Please check if my statement of the cost of goods manufactured and sold in good form is correct.…

A: Cost of goods manufactured shows total costs incurred on manufacturing and production of goods. It…

Q: When preparing cost estimates for account analysis purposes, should the costs be extracted from the…

A: Cost estimation is essential for every company to help managers in relevant decision-making. Cost…

Q: ases? or only in t

A: The explanation is given below ,

Q: Explain cost benefit analysis in detail. Describe the evaluation techniques of cost benefits.

A: The company's motive will be to increase the profitability. The profitability of the company can be…

Q: Discuss the following methods used in measuring cost and rent recoveries             (i)…

A: Cost measurement is necessary to know that how much cost is incurred either to manufacture or a…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.