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

Q: Relevant examples of direct and indirect costs

A: Relevant examples of direct and indirect costs.

Q: Understand thedifferences between directand indirect costs

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: TRUE OR FALSE A cost function is useful only in an activity-based costing system.

A: Answer:   A cost function is useful only in an activity-based costing system.     The statement…

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: 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: 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: Give an example of cost which is a part of unavoidable cost.

A: Unavoidable costs are costs which cannot be avoided by discontinuing a product line or which cannot…

Q: Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also…

A: Relevant costs: These costs can be defined as the costs that can be avoided if we choose over option…

Q: Product costs are also callec Direct costs. Overhead costs

A: Given: 1. Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead…

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: What is the difference between cost allocation and cost assignment?

A:

Q: Indirect material cost is that which cannot be conveniently identified with and allocated to cost…

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

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: What is Cost account payable

A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: Giving examples, distinguish between Prime costs and Marginal costs

A: Prime costs are the firm total expenses directly related to the materials and labour used in…

Q: What are the differences between cost accounting and cost management?

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

Q: TRUE OR FALSE ABC's objective is to trace costs to products or services as directly as possible.

A: Activity-based costing. This is an overhead allocation method in which overhead and Indirect costs…

Q: a) Why are neutral expenes eliminated and imputed cost added to derivee cost from expenses

A: Deriving the cost from expenses is necessary to ascertain the exact cost incurred and to…

Q: Standard costs are preset costs for delivering a product or service under normal conditlons. True or…

A: Lets understand the basics. Management prepares the standard cost sheet which contain details about…

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: cost

A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…

Q: An indirect cost for one cost object can be a direct cost for a different cost object. True False

A: Direct cost means the cost directly related with cost object and indirect cost means which can not…

Q: Distinguish between indirect costs and direct costs.

A: Direct Costs and Indirect Costs are two important costs. Direct costs are those costs which are…

Q: Define direct costs and indirect costs?

A: Direct cost: Direct cost is the cost assigned to the cost object which is directly related to that…

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: What are: Relevant / irrelevant / Differential Costs Relevant / irrelevant / Differential Revenues…

A: Relevant / Irrelevant / Differential Costs: Relevant Costs are the cost which are relevant in…

Q: A transfer of a particular cost from one cost to another

A: Yes, We can transfer of a particular cost from one cost to another.

Q: Name three factors that will affect the classification of a cost as direct or indirect?

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

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: Differentiate between operating costs and administrative costs?

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

Q: Responsibility Centers include the following except: A) Profit B) Revenue C) Process D) Cost

A: These are the type of responsibility center i.e. expense center, profit center, investment and…

Q: A direct cost is one that is a. Variable with respect to the cost object. b. Traceable to the cost…

A: Direct cost: A cost indicates the payment of cash or the obligation to pay the cash in the future…

Q: Direct costs are classified by controllability.    True False Can be true, can be false

A: Direct costs are those costs which are directly incurred for purchase or production of goods in the…

Q: Y,a,b and X explain these with help of examples according to cost behaviour

A: Cost behavior analysis helps to understand the change in the total cost with respect to the change…

Q: Explain the term transferred in costs.

A: Concept of transferred in costs are used in process costing system.  Operations of a company…

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: What is cost management, and how does it differ from management accounting and cost accounting?

A: Cost accounting and management accounting are two different forms of accounting, that is being…

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Absorption (full) costing is a costing technique in which all the manufacturing costs including…

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: 2. Give an example of cost which is a part of unavoidable cost.

A: An unforeseen expense is a short-term investment on which there is a definite budget commitment.…

Q: Define the terms Cost Costing Cost Accounting

A: The Question has covered the various Concept related to the costing. The Detailed Explanation of…

Q: Is a standard cost an estimated cost? What is the primary objective of employing standard costs in a…

A: Note: As per our guidelines, only the first question can be answered.   Standard Cost & Its…

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…

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