A cost allocation rule is the method or process used to assign the costs in the ________ to the ________. cost object; cost pool cost pool; cost object cost pool; opportunity cost cost allocation; cost pool

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: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: Second-stage allocation in Activity-based Costing includes assigning costs to; O a. Activity rates…

A: Activity  based costing  allocates costs to cost pool as a first stage objective

Q: When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A)…

A: A measure of input or output that defines the amount of cost to be allocated to a specific cost…

Q: Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and…

A: Variable costs are the costs that varies with the change in output but per unit variable cost…

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: The relevant range of activity costing is: Select one: O a. Is the cost that causes change in total…

A: Under activity costing, indirect costs or overhead are allocated to products or jobs on the basis of…

Q: costs and are allocated based on

A: Fixed costs allocated = 25% * Total costs 25% * $48000 = $12000

Q: Explain how a scatter graph is used to identify and measure cost behavior.

A: A Scatter graph is a graphical tool that plots activity level on the x-axis and matches total cost…

Q: Terms used in manufacturing cost systems are: manufacturing costs prime costs conversion costs both…

A: Manufacturing cost refers to the total cost incurred by the entity to manufacture a product. It…

Q: What are the challenges of using the incremental cost allocation method when allocating common costs…

A: Cost Allocation Method:   The cost allocation method is the method by which the costs to be assigned…

Q: The term relevant range in cost accounting means the range over which a. Cost may fluctuate. b. Cost…

A: Cost accounting is that branch of accounting in which all costs incurred on manufacturing and…

Q: Which of the following statements is true? * O a. A common cost is one type of direct cost. O b. A…

A: The question is related to Choose which of the statement is true.

Q: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

Q: In a homogeneous cost pool, all costs have a similar cause-and-effect relationship with the cost-…

A: The homogeneous cost pool is a collection of different costs whose changes are based on single base.…

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: 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: Under activity-based costing, second stage allocation would involve: O a. Defining activity measures…

A: Steps involved in Activity-based costing - Step 1 - identify and classify the activities involved…

Q: relevant and irrelevant cost

A: Relevant and irrelevant costs are categories of costs based on their effect on decision making.

Q: Between Absorption Costing and Variable Costing method, which one do you think is more practical to…

A: Absorption costing considers fixed manufacturing overheads and variable overheads together to find…

Q: Cost classifications used for preparing financial statements Include: Multiple Choice Product cost…

A: Answer : Concept :  Product cost is the cost that can be directly associated with the product and…

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: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: True or False. Direct costs can be specifically traced to a cost object.

A: Direct costs, as the name suggests are the costs that can be directly attributed to a cost object.…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

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: The following statements are correct excerpt? A. Different costs are used for different purposes B.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

Q: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: :Under activity-based costing, the process of assigning costs to cost objects is called First stage…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: (a) Explain the difference between the throughput and absorption costing methods.

A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…

Q: :Under activity-based costing, the process of assigning costs to cost objects is called First stage…

A: Activity-Based Costing:- It is a method of assigning overhead and indirect costs such as salaries…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

A: Cost Function:   Cost function represents the basic change comes in the total cost due to the change…

Q: It is referred to as anything for which a separate measurement of costs is desired A. Cost object B.…

A: Cost is the amount spent on anything. Costing is estimating or projecting the Total Cost Cost…

Q: Dual allocation is a cost allocation approach that separates direct and indirect costs, tracing the…

A: Dual allocation method: It involves two type of cost pools, fixed cost and variable cost.

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: Which of the following is a correct statement? Check only those that are correct. Choose All That…

A: Cost tracing refers to the process of matching a cost with the product which is being produced.…

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: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…

A: As posted multiple questions we are answering only first question kindly repost the unanswered…

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.

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.