Distinguish between a traceable cost and a common cost. Give several examples of each.

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: Cost behavior and relevant range are terms under cost accounting. Cost behavior studies the pattern…

Q: Define cost object and give three examples?

A: A cost object can be defined as something to which the management feels the need to seperately…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

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: Define the term contribution margin.

A: Contribution margin is defined as the term which determines the profitability of the individual…

Q: From the following data find (A) material cost, (B) price cost, (C) direct cost,

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: What is the cost measurement? cost accumulation? what is the difference between the two?

A: Cost is the monetary value of an item or a service. While producing an item, there may be various…

Q: Using the high-low method, determine the cost function for each cost?

A: High low method of cost estimation says that costs at highest level and lowest level are to be taken…

Q: Define cost tracing? Give three examples?

A: Cost tracking: Cost tracking means the historical record of all the information of cost as it is…

Q: Describe the conference method for estimating a cost function. What are two advantages of this…

A: Conference method:

Q: Distinguish betweenproduct costs and periodcosts and give examplesof each.

A: Product cost: The product cost relates to the manufacturing costs such as direct material, direct…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: a) Classify each cost element as either fixed, variable, or mixed

A: Cost Accounting: Fixed Cost: The cost which constant for the year and there is no impact of any…

Q: Distinguish between a traceable fixed cost and a common fixed cost. Give several examples of each.

A: Introduction Fixed cost is the cost which will not change according to the production. Even though…

Q: Define cost drivers.

A:

Q: Explain the advantages of conference method for estimating a cost function.

A: Conference method: Conference method uses, perceptions, analysis, knowledge and related information…

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: Why is it important to keep track of both direct and indirect costs? How do these costs effect…

A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…

Q: Describe variable costs and fixed costs and give an example of each.

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Describe the components of contribution margin.

A: Contribution Margin: Contribution Margin refers to the margin of profit expected by the company. The…

Q: Why there is a need to identify the standard co

A: Standard Cost A standard cost is an estimated expense that normally occurs during the production of…

Q: Define the term contribution margin ratio.

A: Contribution margin is the measure of ability of the company to cover its variable costs with the…

Q: Explain the difference between a cost standard and an efficiency standard. Give an example of each.

A: Cost standard: This refers to the cost expected to be incurred for a given level of output.…

Q: Name three factors that will affect the classification of a cost as direct or indirect?

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

Q: Identify each of these costs as fixed, variable, or mixed.

A:

Q: Name three factors that will affect the classication of a cost as direct or indirect.

A: Cost: Cost refers to the expense incurred by the business to earn revenue from sales. In other…

Q: Define the term cost per service.

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

Q: List three methods to measure cost behavior.

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: Define conversion 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 difference between target price and target cost.

A:

Q: Distinguish between traceable and common fixed costs.

A: Fixed costs are referred to as the costs that do not change with a change in the level of the…

Q: Name four approaches to estimating a cost function.

A: Cost Function:Cost function represents the basic change comes in the total cost due to the change in…

Q: Explain an example how to calculate total costs.

A: Total c osts represents overall costs incurred to produce or procure a product.

Q: Explain the benefits of standard costs.

A: Standard costs means budgeted or predetermined cost for a unit of a business. For example, in…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.