Discuss two potential application of the activity based costing system in decision-making, to the managers of any organisations

Q: After understanding and studying Standard Costing: 1. Which of the following management function is…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Practice : a: Explain the importance of incentive systems for motivating performance. b: Identify…

A: In order to achieve the goal of the company, the organization should provide compensation program…

Q: Comprehend and Apply the elements of costing to the job environment. Evaluate and Integrate the…

A: costing is system for assigning the cost to the business and its element. costing involved…

Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…

A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…

Q: Explain the Role of activity based costing technique in improving organisational performance.

A: SOLUTION- ACTIVITY BASED COSTING-  IT IS USED TO GET A BETTER GRASP ON COSTS ALLOWING COMPANIES TO…

Q: Standard cost systems facilitate the management practice known as  A) management development. B)…

A: Management development is a  process of development of the individuals by providing them training…

Q: Explain the Role of environmental costing in improving organisational performance

A: Environmental Costing is an important tool for understanding the role played by the Natural…

Q: how useful is the activity based costing information isto the internal users in the organisation?…

A: Activity based costing is an approach to the costing and monitoring of activities and costing final…

Q: Why are top management support and cross-functional involvement crucial when attempting to implement…

A: Activity based costing system is a form of costing system in which cost is analysed by dividing the…

Q: How can activity-based costing be used to switch the management of business activities from a…

A:

Q: Critically evaluate how Standard Costing procedures can be  applied in service companies.

A: Standard Costing             Standard costing is a costing technique similar to the budgeting…

Q: How has been the implementation of activity based costing in the service sector

A: Activity based costing: It is the method of allocating the cost of overheads by assigning these…

Q: Give four examples of firms you believe would be significant users of cost management informationand…

A: Cost management information: Cost management information contains financial information regarding…

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

A:

Q: 1 Why are top management support and cross-functional involvement crucial when attempting to…

A: Activity based costing is a method of costing that identifies all the activities happening and being…

Q: based on literature findings, state two key lessons that would inform contemporary organisations…

A: Definition: Activity-Based Costing: Activity-Based Costing refers to the allocation of the factory…

Q: Based on your literature findings, state two key lessons that would inform contemporary…

A: Activity-based costing (ABC):   Activity based costing (ABC) framework was created to manage the…

Q: State two key lessons that would inform contemporary organisations about the practical use of…

A: Activity-based costing (ABC): In order to overcome defects of traditional cost accounting, Under…

Q: Title: How Activity Based Costing system helps the industry to improve performance Note:

A: A costing approach known as activity-based costing (ABC) assigns overhead and indirect costs to…

Q: Describe how life-cycle costing facilitates strategic management.

A: Life cycle costing:   Life cycle costing is an economic analysis used by the selection of…

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: Specify the cost behavior with the level of activity in an organization. Relate it with ABC costing…

A: Cost behavior is an indication of how a cost will change with the number of units for the activity.

Q: What are the uses for activity-based cost information in service industries?

A: Costing method is a method in which the total cost of the product is calculated.

Q: Using a CPA firm to represent the service industry, discuss how activity-based costing could be used…

A:

Q: Is Standard costing still a useful tool for the Management accountant? How could it be adapted to…

A: Costing Accounting- A cost accounting system is a type of perpetual inventory accounting system that…

Q: Illustrate the application of cost object in your company. Cover each of the following types of cost…

A: Cost object:- It is an accounting term used for all those things for which cost is associated or…

Q: Contrast​ activity-based costing​ (ABC) with​ activity-based management​ (ABM).       Question…

A: ABC system of cost accounting is based on activities , which are considered any event, unit of work…

Q: Who in the typical firm or organization is responsiblefor cost management?

A: Cost Management:   Cost management involves the development and use of cost management information…

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: Define standard costs and explain how they assist managers in controlling costs.

A: standard cost: Standard cost is an estimated or predetermined cost based upon existing conditions.…

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: From the management accounting literature: a) Discuss the role of strategic planning in adding value…

A: (a) Strategic planning is a pre-planned process that drives the business in the right direction and…

Q: Discuss any two differences between the traditional costing system and the actively-based costing…

A: Traditional  Costing…

Q: Discuss two potential uses of the activity based cost information for decision-making, to the…

A: The activity costing method is a method of assigning overhead other indirect costs to goods and…

Q: Explain the Role of life cycle costing in improving organisational performance

A: Life cycle costing: It refers to the lifetime costs that is incurred on an item or an asset over its…

Q: Identify and discuss the factors that affect the focus and practice of cost management.

A: The practice of managing and organizing the expenses associated with running a firm is known as cost…

Q: 2. For purposes of making decisi

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

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: Why is knowledge of cost behaviour important for managerial decesion making ? Give an example to…

A: The company's motive will be to increase the profitability. The profitability of the company can be…

Q: How would you explain to a company’s management the primary difference between traditional and…

A: A system that is used for assigning the total cost incurred to different elements of business is…

Q: In the context of a local/regional organization, explain the idea of “cost object”. Discuss the four…

A: Cost Object In simple term cost object is defined as valuation  and measuring of cost which was…

Q: 1. What is the primary trade-off an accountant must consider when deciding whether to identify cost…

A: Answer 1: Is the cost/benefit of the process reasonable for more accurate behavior obtained.

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.