he distinction between indirect and direct costs depends on: Select one: a. whether a cost differs between alternatives. b. whether a cost is variable or fixed. c. whether a cost is a product or a period cost. d. whether a cost can be easily traced to the cost object under consideration. e. all of the above statements are correct.

Q: ost flow methods and assumptions. What

A: The different cost flow methods and assumptions are as follows: FIFO LIFO Weighted average

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

A:

Q: what is an indirect cost and how is it different than a direct cost?

A: Indirect Cost: Indirect costs are the costs of doing business that are not easily identified with a…

Q: The amount of increase or decrease in cost that is expected from a particular course of action as…

A: Discretionary cost: A discretionary expense is a cost that a business or household can survive…

Q: The choice of costing method will impact both the balance sheet and the income statement. True or…

A: Different costing methods produces different results. For example, absorption costing produces…

Q: How do managers decide whether a cost is adirect or an indirect cost?

A: Cost refers to the amount of money incurred for acquiring a product or manufacturing a product. Cost…

Q: Is there a difference between relevant costs and incremental costs? Explain

A: Relevant cost: Relevant cost is the cost which is relevant in decision making of a project, and…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…

Q: When pricing a product or service, managers must consider which of the following? Only period costs…

A: Pricing a product is considered as one of the marketing strategy.

Q: Why is it necessary to distinguish between variable and fixed costs when dealing with mixed costs

A: Introduction:- Every Business expenses are classified as either fixed or variable costs. on other…

Q: relevant and irrelevant cost

A: Relevant and irrelevant costs are categories of costs based on their effect on decision making.

Q: Under variable costing system only those costs of production that vary (variable) with production…

A: Variable costing is also called marginal costing. Under variable costing all variable cost that is…

Q: A. What is the net income under variable costing method? B. What is the net income under absorption…

A: solution : What is the net income under variable costing method?   Units 10000 Sales…

Q: What type of cost is included in economic costs, but not included in accounting costs?a. Explicit…

A: Economic costs are the costs in which consideration is given to opportunity costs as well.

Q: Direct costs can be referred to as fixed costs. True or False?

A: Cost are divided into two parts which are, (1) Direct cost (2) Indirect cost Direct costs are the…

Q: A price that can't be quickly or efficiently linked to a cost object is referred to as: Additional…

A: The costs that are easily tracked to the product are known as the traceable costs. Special domestic…

Q: Distinguish between ( a ) a variable cost, ( b ) a fixed cost, and ( c ) a mixed cost.

A: Variable Cost: The cost which is not fixed is called as variable cost. This cost is directly…

Q: True or False. Direct costs can be specifically traced to a cost object.

A: Direct costs, as the name suggests are the costs that can be directly attributed to a cost object.…

Q: How is it possible for a cost that is traceable to a segment to become a common cost if thesegment…

A: Fixed Cost: It is a cost which is constant in the short run, it is not related to any change in the…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

Q: Explain how the accounting definition of an asset is related to the choice between absorption and…

A: Absorption costing:   Absorption costing is compulsory under Generally Accepted Accounting…

Q: ou agree from the following statements- Explain in details with Variable costs are controllable but…

A: Statement is TRUE but not entirely True. Variable costs are controllable cost while fixed costs are…

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: Which of the following costs can be ignored when making a decision? a. Opportunity costs. b.…

A: Sunk cost can be ignored when making a decision. It is irrelevant cost for decision making.  Sunk…

Q: hat is distinguish between product and period cos

A: Product costs are the costs directly linked with the creation of a product or service for sale.…

Q: A cost - based transfer price considers the cost of producing the goods when determining the price.…

A: At the time of determining the prices of the goods, the cost of goods-producing is required to be…

Q: Instructions a. Define the terms variable costs, fixed costs, and mixed costs. b. Classify each cost…

A: Answer a) VARIABLE COST:- A variable cost is an expense that rises or falls in direct proportion to…

Q: A direct cost is one that is a. Variable with respect to the cost object. b. Traceable to the cost…

A: Direct cost: A cost indicates the payment of cash or the obligation to pay the cash in the future…

Q: key different in accounting for costs between absorption and variable costing

A: Absorption costing and variable costing are two methods of costing products.

Q: Dual allocation is a cost allocation approach that separates direct and indirect costs, tracing the…

A: Dual allocation method: It involves two type of cost pools, fixed cost and variable cost.

Q: Do you agree from the following statements- Explain in details with examples 1.Variable costs are…

A: IntroductionProduction cost may be defined as that type of expenses which occurs during the…

Q: When using a standard cost system what term is referred to what a product does cost? Group of answer…

A: Standard cost is the term used for the product should cost.  Actual cost is the term for the product…

Q: The following statements are correct excerpt? OA. Only avoidable costs are relevant for decision…

A: Relevant costs are costs which are important for decision making or these costs can effect the…

Q: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…

A: As posted multiple questions we are answering only first question kindly repost the unanswered…

Q: Indirect cost is the cost that cannot be directly attributed to the production as these costs are…

A: Cost is the amount incurred in the regular course of the business. It may be direct or indirect.

Q: What does it mean that a cost is a direct, product, and variable cost?

A: The cost represents the value incurred by the corporation in making the product ready to sell in the…

Q: Consider the following statements concerning costs.        1. A committed cost cannot vary with the…

A: Committed costs are costs that are committed or fixed to be incurred in future period of time.…

Q: A cost object indicates how costs are related or identified. O FALSE O TRUE

A: Given, A Cost object is a term in cost accounting which is used to assign the cost.

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.