How cost accounting is useful for external user as Government ,and customer etc,support your answer by an example.

Q: Discuss the Cost- Volume- Profit assumptions and its importance to the business organization in…

A: Cost Volume Analysis is a process of study of the relation between the costs of the product, volume,…

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: Search about how technique is efficient Analysis at the account level to estimate cost.

A: technique is efficient Analysis at the account level to estimate cost.

Q: Explain the Problems in Cost Accounting Measurements?

A:

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

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: 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: Distinguish between manufacturing-, merchandising-, and service-sector companies?

A: Manufacturing companies are the  ones which procure raw materials and carry out manufacturing…

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: Give an example of a common resource in an organization. List some of the opportunity costs…

A: Opportunity cost: Opportunity cost refers to the forgone revenue that could have been generated…

Q: Define and explain the concept of cost accounting.

A: Introduction: An essential fee accounting device operates in real-time by monitoring raw materials…

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

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 whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: How cost accounting is useful for external user as Government ,and customer etc.support your answer…

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

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: What is the typical focus of responsibility reports for cost centers, revenue centers, and profit…

A: Responsibility Centre:   A responsibility centre is used to show the financial performance of all…

Q: What is the nature of cost management and how beneficial it is for the business?

A: Introduction:   Cost management is the process of planning and controlling a business's running…

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: Define and give examples of the following terms: cost center, revenue center, profit center, and…

A: Responsibility center: It refers to that unit of the organization for which a separate executive is…

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: e target cost per unit for the new product.

A: Total Target profit Cost of investment * Desired rate of return RM400000 * 11% = RM44000…

Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: Discuss two potential application of the activity based costing system in decision-making, to the…

A: Activity based costing method helps in allocating overhead cost of products based on different…

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

A:

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: What do you mean by cost accounting? Write about its types in brief with examples

A: Accounting is a procedure whereby an individual can record financial transactions of the business.…

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: Match each of the following type of responsibility centers with what all they are accountable for.…

A: Responsibility Center: A business segment whose managers are responsible or accountable for certain…

Q: What are the essential factors for installing a cost accounting system? Explain

A: A cost accounting system is a system of…

Q: Describe accounting and presentation for research and development and similar costs.

A: Definition:   Research and development cost: These are the cost that is incurred on the research…

Q: How we are going to use Managerial Accounting in practical life?

A: Managerial Accounting:- It is a practice of accounting that helps managers or management to provide…

Q: how important does the owner /manager believe cost information is the success of the business?

A: Cost accounting is an accounting system which provides information about all the costs incurred in…

Q: Cost accountancy

A: Cost accountancy is the application of cost accounting principles, methods and techniques to…

Q: Explain Consumer Behaviour and  Costs.

A: Behaviour is the way in which one acts or conducts oneself, especially towards others.

Q: components of the Contribution Margin Income Statement, how does management use this in the decision…

A:

Q: What are the benefits enjoyed by tourism firm by adopting cost accounting?

A: cost accounting -    cost accounting is the recording classifying summarizing and analyzing the…

Q: Explain the concept of a product family and its relationship to value stream accounting.

A: Product family is the grouping of same kind of product and services which go through the same…

Q: Explain why support costs are allocated to departments.

A: Support Cost:-These are those costs that are not directly attributable to the manufacturing of the…