Define cost management.

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

Q: Define the term normal costing.

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

Q: types of cost drivers with example?

A: Explain the types of Cost Drivers.

Q: Define data processing and what are its representative cost driver?

A: Data processing:Data processing generally converts raw data into a desired and used format that can…

Q: benefits of costing system

A: A costing system is prepared to analyze the costs incurred in a business organization. The system…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: Define Cost effectiveness.

A: Cost effectiveness refers to the examination of both cost and health outcomes of different course of…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Describe the uses of cost-plus pricing.

A: Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling…

Q: What are cost-control processes?

A: In every business, cost is the most relevant and sensitive data that every management wants to…

Q: - standard costing

A: Standard costing system is the method of setting standards for every costs and revenue and comparing…

Q: Define cost structure.

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

Q: activity-based costing

A: Activity means an operation under activity-based costing. Activity base means the basis on which the…

Q: Define cost drivers.

A:

Q: Define cost-allocation base?

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

Q: Describe the term direct costing.

A: Direct costing: It is the method wherein, the variable manufacturing costs are allocated to…

Q: Define the term total costs.

A: Costs: Costs refer to the expenses incurred by the business in the procurement of the materials,…

Q: Define the term traditional cost accounting.

A: Traditional costing is described as all of the overhead prices are assembled collectively and then…

Q: Define absorption costing.

A: Absorption costing refers to managerial accounting cost method for expending each costs associated…

Q: Define unit costs.

A: Unit cost is the cost incurred by the company in the production, storage and selling of one unit of…

Q: How we can improve control function using standard costing

A: Standard costing is the process of reporting or showing differences between actual costs incurred…

Q: activity cost pool is

A: First option is wrong because an activity cost pool is not a type of duration because it is a amount…

Q: Define cost allocation?

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

Q: Explain Classifying Costs for Predicting Cost Behavior?

A:

Q: What is cost approach measurement?

A: A process that involves finding out the economic value or the fair value of a business entity refers…

Q: What is cost management?

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

Q: Describe standard cost system.

A:

Q: Define cost tracing?

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

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: explain the importance of cost behavior

A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…

Q: What Is Total Cost Reporting?

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

Q: Explain standard costs.

A:

Q: What is the standard cost system?

A:

Q: Describe the term target costing.

A: Target costing: Target costing is a business procedure that targets at the earliest stages of new…

Q: Distinguish between standard costing and Budgeting.

A: The main difference is that standard costing is a unit concept in which standards are set for all…

Q: Define the term process costing.

A: Process Costing: Process costing is a method of costing used mainly in manufacturing where units are…

Q: Define direct material costs with an example?

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

Q: Explain the strategic role of cost estimation.

A: Cost estimation: Cost estimation is a technique that assist the management for taking strategic…