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: 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: 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: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

Q: Which objective of cost accounting classifies and analyzes cost date for measuring efficiency? a.…

A: Answer: Concept: Cost accounting is defined as the accounting system which helps to analyze the cost…

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: How should managers estimate and interpretcost information?

A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a…

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: Cost behavior Costs Value Chain O Cost drivers

A: Answer: Cost behavior is defined as the changing nature of cost dependent on any units. Costs are of…

Q: When it comes to the cost component of the BPM equation, what factors need organizations to take…

A: The cost component of the BPM (Business Process Management) equation refers to the expenses…

Q: how Cost Managemnt decision-making plays a role in the decision-making and success of the company?

A: Cost management decision-making is a critical aspect of any business. It involves the process of…

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: Why do engineers need cost data?

A: The question is based on the concept of cost in engineering projects.

Q: When evaluating the performance of a manager, why shouldfixed costs be divided into the categories…

A: Controllable expenditure: Controllable expenditure is an expenditure that is directly controllable…

Q: nitng information fulfills the following purposes. Give an example of situation of profit…

A: Management accounting is also known as management-oriented accounting. Essentially, it is the study…

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 which of the following centers are managers responsible for controlling costs and generating…

A: The question is asking to identify the type of center in an organization where the managers are…

Q: In Cost accounting the main emphasis is on ?

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

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: 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: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: What are the keys for a managerial accountant in decision-making with differential analysis, product…

A: Managerial accounting, sometimes known as management accounting, is a type of accounting that…

Q: ivity analysis, and how is it used with cost driver analysis to manage costs and increase profits?…

A: An organization might use activity analysis as a management tool to recognize and comprehend the…

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: Evaluate cost factors influencing a company's decision.

A: Cost factor is the factor or an element which is related to unit of product for which some amount of…

Q: Explain why knowledge of cost behavior is important for managerial decision making

A: Knowledge of cost behavior is important for managerial decision making because it helps managers to…

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

A:

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.