Explain the distinctions between implicit and explicit costs in four points.

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: List at least two positive and two negative features of standard costing systems.

A: Standard Costing:   It is an accounting system that is used by organization to identify the…

Q: Discuss four frequently encountered problems when collecting cost data on variables included in a…

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

Q: please Give three (3) examples of costs that are associated with WHS training:

A: Costs:- In accounting terms cost is defined as the cash amount that is given up for a particular…

Q: Describe three different purposes for computing product costs?

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

Q: Distinguish between escapable and inescapable costs. Give an example of each.

A:

Q: Distinguish between two methods of allocating common costs.

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

Q: Which of the following is a carefully predetermined cost that is usually expressed on a per unit of…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: List and explain four purposes of product costing.

A: Product costing: The process of assigning the production costs to all output of the organization is…

Q: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

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: Costs associated with the quality of conformance can be broken down into four broad groups. What are…

A: Quality of conformance refers to the ability of a product or a service to meet its customer…

Q: With respect to Pricing decision in Cost Accounting, state any 4 situations where pricing below…

A: Pricing decision plays an important role in an product sales and growth where the price of the…

Q: List and explain three kinds of fixed costs and three variable cost

A: As the profit is determined after considering the cost. There are two important costs that is…

Q: What is cost allocation? Give three examples?

A: Cost allocation :Cost allocation is the allocation of cost to several cost objects such as…

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: ILLUSTRATE THE VARIOUS COST CLASSIFICATIONS. (PLEASE INCLUDE PHOTOS OR TEXT FOR THE EXPLANATION)…

A: Direct costs These are the costs   a company can easily  relate  to a specific  cost object.…

Q: Describe three alternative ways to dispose of under- or overallocated overhead costs.

A: Overhead Cost: The cost of indirect material, labor, and other expenses is the overhead cost. This…

Q: What are the three primary cost flow assumptions? How does the specific identification method differ…

A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Explain the difference between  - Absorption and Marginal Costing

A: The Question has covered the concept of Absorption and Marginal Costing. Absorption Costing The…

Q: What are the four components of target costing? Why areeach of these components important for target…

A:

Q: Describe three alternative linear cost functions.

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

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: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: What are three common features of cost accounting

A: Cost Accounting: Cost accounting refers that branch of accounting, which records and analyzes the…

Q: Produce a table of A-Design's different costs and classify them.

A: Cost classification is the classification which are made by the company so that in can be better…

Q: List three methods to measure cost behavior.

A:

Q: What are the three key features of cost management?

A: Cost management: Cost management is a type of management accounting that estimates expenses involved…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

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

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: Discuss five areas where the concept of cost behavior is applied

A: Management's endeavor to understand how operating expenses change in response to a change in an…

Q: List four reasons for using standard costs.

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

Q: Give examples of three different levels of costs in a customer-cost hierarchy.

A: Customer Cost Hierarchy: Customer cost hierarchy is a method that helps in the categorization of…

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: Classify the following fixed costs as normally being either committed or discretionary:b.…

A: Given: To analyse if advertising follows either committed or discretionary fixed costs.

Q: List the four common cost bases used in cost-plus pricing. How can they all result in the same…

A: The profits can be arrived from the income statement of the company. All the revenues, and expenses…