Explain one example of the cost driver.

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 value engineering. How is it used to control costs?

A: Value engineering also called value analysis refers to the process of increasing quality of the…

Q: Explain how a scatter graph is used to identify and measure cost behavior.

A: A Scatter graph is a graphical tool that plots activity level on the x-axis and matches total cost…

Q: rovide another example of a cost center and explain why you choose that example.

A: Cost center is a department or function within an organization that does not directly add to profit…

Q: What is a cost driver? Give one example?

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

Q: What is a cost driver?

A: A cost driver is a concept used in management accounting. The cost of specific business operations…

Q: Explain the term supply chain and its importance to cost management?

A: Supply chain is a network of different activities, steps, processes, people, resources and…

Q: Explain the term Variable costs?

A: Cost is the total amount that has to be paid for a product.

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: Giving examples, distinguish between Variable cost and Fixed costs

A: Introduction: Costs: Costs are of two types: 1 ) Fixed costs 2 ) variable costs

Q: Explain an example of fixed cost.

A: Cost:   It is the economic value of resources incurred by an organization for producing a product or…

Q: Explain a linear cost function.

A: A function where the cost depends linearly upon the number of units produced is called a linear cost…

Q: Define conversion costs?

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

Q: What is simple costing system? Explain?

A: Costing system: Costing system is a process used to determine the cost of the product for better…

Q: What is a standard cost? Explain? Give an example?

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

Q: Discuss ROPs and to tal costs.

A: Answer: ROP is defined as reorder point. This is the inventory level that is to be maintained at the…

Q: Briefly define total cost and marginal cost.

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

Q: Give an example of cost which is a part of unavoidable cost.

A: Unavoidable fixed costs are fixed costs that cannot be avoided by discontinuing a product line or…

Q: How is uniform cost search different from plain BFS?

A: UCS : Uniform Cost Search is an uninformed search algorithm. It cannot deal with a heuristic…

Q: Discuss the difference between the revaluation model and cost model in detail.

A: Revaluation model and cost model are two different models of subsequent measurement of invested…

Q: What is cost management?

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

Q: Explain Calculating Total P System Costs?

A: Periodic inventory system also known as P system is a method of stock taking, where stock taking is…

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: List three methods to measure cost behavior.

A:

Q: What is cost hierarchy?

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

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 importance of cost behavior

A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…

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: What is a cost object?

A: Introduction:

Q: 1. What are the key cost categories in the traditional view?

A: Traditional view is the type of costing wherein the allocation of factory overheads is done based on…

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

A: Answer

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: what are the advantages and disadvantages of ABC costing

A:

Q: Explain the difference between target price and target cost.

A:

Q: Define the term opportunity cost, and give an example of one.

A: Opportunity cost: It is the benefit which is foregone by choosing next best alternative. In mutually…