6) The fundamental cost objects of ABC are A) activities B) cost drivers C) products D) services

Q: Explain what is Flow Cost Accounting, its nature.

A: Material flow cost accounting or flow cost accounting can be defined as a method used by firms and…

Q: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

Q: Q1       discuss in detail Cost Accounting, Objectives of Cost Accounting, Essentials of a good…

A: Cost accounting is branch of management accounting in which all costs related with the products like…

Q: A cost allocation rule is the method or process used to assign the costs in the ________ to the…

A: Cost allocation refers to the process of identifying and assigning the overheads to the service…

Q: . What are the three principle objectives of cost accounting system?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: are all manufacturing costs that are related to the cost object but CANNOT be traced to that cost…

A: The costs which are not directly related to production process are called Period costs.These are not…

Q: 1. Indirect costs can be allocated to a cost centre if they: A. Can be identified wholly with the…

A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: b. Classification of costs may be based on the information needs of management and their nature.…

A: Cost- Cost states all types of cost related to manufacturing of goods, operations of business, etc.…

Q: 1. Explain the role of activity drivers in assigning costs to products.

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Define and explain the cost management information system's two major subsystems.

A: Cost management information system refers to the system which is related with the manufacturing the…

Q: Define and explain the concept of cost accounting.

A: Introduction: An essential fee accounting device operates in real-time by monitoring raw materials…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: a) Classify each cost element as either fixed, variable, or mixed

A: Cost Accounting: Fixed Cost: The cost which constant for the year and there is no impact of any…

Q: Explain whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: Which of the following is NOT correct about cost center and cost unit? Select one: a. A cost center…

A: Cost accounting is referred to as a branch of accounting that is related to the calculation of total…

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: The general term used to identify both .2 the tracing and the allocation of :accumulated costs to a…

A: Cost assignment to various departments requires cost tracing and cost allocation.

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Define and give examples of the following terms: cost center, revenue center, profit center, and…

A: Responsibility center: It refers to that unit of the organization for which a separate executive is…

Q: Distinguish between cost accounting and managerial accounting.

A:

Q: Costs that must be allocated in order to be assigned to a product or department are called direct…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: objectives of the accumulation and reporting of cost accounting information

A: Cost accounting information is the information regarding costs regarding activities, processes, or…

Q: describe the basic objectives in the use of standard costs.

A: Standard costing indicates the process where the management estimates the required cost is advance…

Q: Value chain classifications Match each of the following cost items with the value chain business…

A: Value Chain Analysis is an inbound logistics that includes a range of activities like receiving,…

Q: The following statements are correct objective of cost accounting except:   Ascertainment of cost…

A: Answer: Objective of Cost accounting includes: Ascertainment of cost: It means to calculate the…

Q: What are three common features of cost accounting

A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…

Q: What do you mean by cost accounting? Write about its types in brief with examples

A: Accounting is a procedure whereby an individual can record financial transactions of the business.…

Q: What are the three key features of cost accounting?

A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…

Q: Cost accountancy

A: Cost accountancy is the application of cost accounting principles, methods and techniques to…

Q: Describe accounting concepts useful in classifying costs.

A: Costs of a business can be classified on various basis On the basis of cost behaviour On the basis…

Q: A 'product' cost is a cost that is classified by:    a. behavior       b. function       c.…

A: The cost incurred on production directly or indirectly related to production is said to be product…

Q: Discuss five areas where the concept of cost behavior is applied

A: Management's endeavor to understand how operating expenses change in response to a change in an…

Q: . Cost allocation is:     the assignment of indirect costs to the chosen cost object     the…

A: Following is the answer to the given question

Q: Which of the following way of cost assignment used to assign accumulated cost with an indirect…

A: Lets understand the basics. Indirect cost are cost which are not directly related to production…

Q: Define and explain the two major subsystems of the cost management information system.

A: The Cost Accounting Information System (CAIS) is a monetary accounting system that calculates the…

Q: Which of the following is one of the difference between management accounting and cost accounting.

A: Difference between management accounting and cost accounting is given below,

Q: Evaluate this using the principles of management and cost accounting.

A: Principles of Management and Cost Accounting The basic principles which are evolved in the…

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…

Q: A cost object indicates how costs are related or identified. O FALSE O TRUE

A: Given, A Cost object is a term in cost accounting which is used to assign the cost.

Q: Define and explain the cost management information system's two major subsystems.

A: The Cost Accounting Information System (CAIS) is a financial accounting system that computes and…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.