Define learning curve. Outline two models that can be used when incorporating learning into the estimation of cost functions.

Q: What type of cost drivers do modern costing systems use and how does it differ from the cost drivers…

A: Cost Driver Business activities are  influenced by a cost driver . Cost drivers are the factors…

Q: Define opportunity costs and explain why they represent acommon source of error in making cost…

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Q: Give me a model How Efficient is the Engineering Estimation Technique for Cost Estimation?

A: At whatever point we build up a product project, principle addresses that emerge to us is the amount…

Q: Explain the implementation issues of the cost estimation methods

A: Cost estimation is the process of determining the probable cost of a product before starting the…

Q: Search about how technique is efficient Analysis at the account level to estimate cost.

A: technique is efficient Analysis at the account level to estimate cost.

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: How should one establish performance measurements? And how can they be aggregated?

A: Business Sustainability: Business sustainability is increasing the business worth for a long term,…

Q: Explain whether the organization would produce the information when the expected costs is higher…

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Q: Describe the visual-fit method of cost estimation. What are the main strengths and weaknesses of…

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Q: "Standard costing improves the control function"explain with more information and examples

A: Standard costing is part of Cost Accounting which is used by some manufacturing concerns to identify…

Q: Standard costing improves the control functions” discuss this statement give some examples.

A: Standard Costing: It is the accounting system in which standard cost is measured with actual cost to…

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

Q: Explain the role of value engineering in target costing.

A: Value engineering’s main motive is to reduce the cost and to provide good quality products that will…

Q: Write cost pool, cost driver, activity cost, budgeting.   What are the assumption of CVP analysis?…

A: Answer:  Write cost pool, cost driver, activity cost, budgeting.   Cost Pool is the sum total of…

Q: Discuss the disadvantages of Absorption Costing for cost control and performance evaluation.

A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…

Q: Discuss two potential uses of the ABC cost information for decision-making, to the managers

A: Activity based costing (ABC): It is generally called ABC costing. This method is used in assigning…

Q: Using the step method to allocate the service center costs, what is the total cost of programming…

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: Which type of cost center has a planning focus, and which type has an evaluation focus?

A: Cost Center: It is a department within an organization to which costs can be assigned.

Q: Define recruiting and what are its representative cost driver?

A: Recruiting:Recruiting is the process of hiring qualified employees to make them work for the…

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: What is the relationship between contribution margin and responsibility margin? Explain how each of…

A: Contribution Margin: The contribution margin is the excess of selling price over the variable costs…

Q: Describe the following approaches to pricing new products: skimming pricing, penetration pricing,…

A: Pricing decisions:   Pricing decisions is one of the most important and required decision for the…

Q: Explain the features of cost management.

A: Cost management is a process of planning and controlling the costs of a business organisation. This…

Q: Identify the output and input variables in both the bottom-up and top-down strategies to cost…

A: Bottom ups of the cost estimate are the most accurate cost estimation process wherein every minute…

Q: In order to evaluate cost information managers must be able to distinguish between relevant costs…

A: Relevant cost refers to the cost which is usually incurred by lower management in an organization…

Q: Define Cost Pool, Cost Object and Cost Driver

A: Cost accounting forms a part of managerial accounting method that is used for measurement of total…

Q: Please use an example to explain the opportunity-cost concept and why it is used in decision-making.

A: Opportunity Cost - It is the value of best alternative when a particular decision was made by higher…

Q: the uses of cost information in decision making to managers

A: Cost: It is a value related to the product that determines its purchasing value. A cost, in general,…

Q: Describe the earned value management terms.

A: Introduction: The concept of earned value management  is an important tool both for the manager…

Q: difference between absorption costing and variable costing

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Describe three different ways in which managers determine cost behavior, which do you think is most…

A: Cost behavior analysis: It is the investigation of how certain expenses carry on in a business.…

Q: Explain in details what the textbook means by a “cost hierarchy”

A: Expenditure hierarchy is a classification system that assists in the allocation of costs. It helps…

Q: Describe the term “cost driver” and give an example. Describe the term “relevant range” and give an…

A: Cost driver and relevant range are two important terms that are used in accounting. Cost driver…

Q: Explain cost constraint and materiality constraint by giving your own examples.

A: Accounting constraints under the accounting field are boundaries or guidelines which are followed…

Q: A determination of cost savings is most likely to be an objective of a

A: The answer is as fallows

Q: Explain techniques for estimating task completion times and costs

A: Two key features of a project are on- time and on- budget delivery.The project manager can only…

Q: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?

A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting  There is…

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: Explain the implementation problems in cost estimation.

A: Cost estimation: It is the development of a defined relationship between cost object and cost…