Describe three different ways in which managers determine cost behavior, which do you think is most accurate? How can you visualize cost behavior and why is this important?

Q: Explain the three advantages of using marginal costing as the basis of providing managers  with…

A: It is a technique of costing. Here we calculate marginal costs. The marginal cost is the cost of…

Q: On assigning costs to different products. What is the benefit of cost assignment? How does this aid…

A: The cost assignment refers to the process where the costs are allocated to the objects or activities…

Q: What Are features and differences between cost accounting and management accounting?

A: Cost accounting: Cost accounting refers to the branch of accounting, that records and analyses the…

Q: Three major influences on pricing decisions are​ ________.   A. continuous​ improvement, customer​…

A: Price is the cost of product to the ultimate customers, hence it needs to be decided in such manner…

Q: What are cost-control processes?

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

Q: Explain the three advantages of using marginal costing as the basis of providing managers with…

A: It is a technique of costing. Here we calculate marginal costs. The marginal cost is the cost of…

Q: In Cost accounting the main emphasis is on ?

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

Q: Describe the concept of management by exception and explain how standard costs help managers apply…

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Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: Discuss the differences between lean accounting and traditional cost accounting.

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Q: Why is it important to classify costs into a cost hierarchy?

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Q: Explain why managers need to allocate indirect costs to the cost objects when calculating product…

A: Cost accounting is one of the important branch of accounting. Under this, different type of costs…

Q: Explain Classifying Costs for Predicting Cost Behavior?

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Q: Explain the impact of the cost-volume-profit connection on pricing strategy.

A: The cost volume profit analysis analyse the impact of the variable cost and fixed cost on the…

Q: What is cost stickiness? Why do managers need to be aware of cost stickiness?

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Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…

A: The cost volume profit analysis is used to assess how the firm’s profit is affected if there is a…

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: components of the Contribution Margin Income Statement, how does management use this in the decision…

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Q: Describe how product cost informationis used by managers to identify cost improvement opportunities?

A: Product Cost: The phrase "product cost" is an accounting word that refers to the overall expenses…

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: What is the difference between cost leadership and product differentiation?

A: Cost leadership is a one of the effective marketing strategies. Despite being highly effective in…

Q: What are the different purposes for which we measure product costs?

A: Product cost: Product cost is the cost incurred to manufacture a product, it includes the material…

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.