Answered: in management accounting strandard cost…

in management accounting strandard cost ： definition . types of strands and cost . benefit . limitation . conclusion . Strictly do not copy it's must be in ur words.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: When reporting information, the most important thing to be considered is that, the cost. a. Should…

A: When reporting information, the most important thing to be considered is that, the cost Should be…

Q: Explain Traffic Acquisition Costs (TAC), Other cost of revenues and R&D expenses. Are they fixed or…

A: Cost of revenue refers to the cost which are incurred in generating revenue of a firm. It may…

Q: Cost assignment and cost accumulation are the two cost accounting system processes that helps…

A: Costing is the method of recording, all cost incurred in process of completing product project and…

Q: A responsibility accounting system utilizes and assigns costs on the basis of their a.…

A: With the use of a responsibility accounting system, performance and accountability may be evaluated…

Q: 18. Responsibility reports for cost centres include: Controllable Non-controllable costs costs а. No…

A: Responsibility accounting reports activities that are in control by the management.

Q: Absorption costing is: A. a good way to value inventories for the balance sheet. B. used for…

A: Absorption costing is an accounting method used to calculate the manufacturing cost of a product. In…

Q: In the blank next to the following terms, place the letter A through D corresponding to the best…

A: Cost: It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Standard cost systems facilitate the management practice known as A) management development. B)…

A: Management development is a process of development of the individuals by providing them training…

Q: TRUE OR FALSE A cost function is useful only in an activity-based costing system.

A: Answer: A cost function is useful only in an activity-based costing system. The statement…

Q: how do management control systems contribute to i) Cost Management i) Planning and Control iI)…

A: A management Control system may be defined as an oraganizational framework under which an…

Q: TRUE OR FALSE Activities become the fundamental cost accumulation point.

A: Answer: Activities become the fundamental cost accumulation point. The statement is TRUE

Q: Classification of final goods in management accounting pesperctive.

A: In management accounting, final products refer to the goods or services that have completed the…

Q: TRUE OR FALSE Activity-based costing method is also known as transaction-based costing.

A: Solution: True. Activity-based costing method is also known as transaction-based costing.

Q: true of false: A collection of costs to be assigned is called a cost pool.

A: Activity based Costing system is a method which is used to calculate total amount of Cost by…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: The allocation of indirect costs in an activity-based costing system a. may require other costs to…

A: In ABC(Activity-Based Costing) costs are traced to specific activities (activity pools) within an…

Q: Define the terms under-allocated and over-allocated overhead. What factors contribute to each…

A: Expenses associated with manufacturing overhead: "Manufacturing overhead costs, also known as…

Q: The total cost of a cost object can only include the direct costs that are directly traced to that…

A: The total cost of a cost object includes both costs i.e costs that are directly traced and…

Q: Angie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2025, Angie's gross…

A: The correct answer is option - a credit to FICA- OASDI taxes payable for $1729.80

Q: An important feature of a cost center is that a. It uses only monetary information b. It must be an…

A: Solution: The important function of a cost center is to track costs. The manager of a cost center is…

Q: 1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and…

A: FIFO is one of the inventory valuation method being used in business. FIFO means first in first out.…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: Indirect material cost is that which cannot be conveniently identified with and allocated to cost…

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.

Q: Match the type of cost shown in the left column with the corresponding description shown in the…

A: 1. Irrelevant Cost - (B) A cost that is not pertinent to a particular decision. 2. Future Outlay…

Q: Describe ABC Required: a What is activity-based costing and how does it differ from traditional…

A: SOLUTION- Activity-based costing and traditional absorption costing are the two different approaches…

Q: Some costs that possibly could be traced directly to cost objects are nonetheless classified as…

A: Indirect costs are those costs which cannot be traced or is not cost effective to trace the costs…

Q: Under activity-based costing, second stage allocation would involve: O a. Defining activity measures…

A: Steps involved in Activity-based costing - Step 1 - identify and classify the activities involved…

Q: Cost accounting is an area of accounting concerned with cost determination, cost control and cost…

A: solution : Cost accounting is an area of accounting concerned with cost determination, cost control…

Q: Describe the concept of management by exception and explain how standard costs help managers apply…

Q: A is not an example of a cost objective. a. department b. product c. territory d. All of these…

A: The question asked to find correct the option from the given options. Cost object: The cost object…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners…

A: Solution: "Reporting to owners" is not a function of Cost Accounting. This is because the functions…

Q: n responsibility accounting the most relevant classification of costs is discretionary and…

A: Solution: In responsibility accounting, responsibility are fixed at individual and department level.…

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: In a responsibility accounting system, should the recording of revenue and costs begin at the…

A: Responsibility center: A department or unit of a corporation where the management assigns the…

Q: determine whether overhead is overapplied or underapplied. It is also formatted as a table, but I…

A: Over-applied Overhead: A corporation is said to have over-applied overhead when the actual…

Q: In order to analyze the c-v-p relationship , what types of costs should be classified ? Why?

A: C-V-P relationship means the cost volume and profit relationship. This is usually done to recognize…

Question

in management accounting strandard cost ：

definition .

types of strands and cost .

benefit .

limitation .

conclusion .

Strictly do not copy it's must be in ur words.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Definition of Standard Cost:

VIEW

Step 3: Types of Standard Costs:

VIEW

Step 4: Benefits & Limitations of Standard Cost:

VIEW

Solution

VIEW

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How different in management accounting from cost accounting? Provide a brief commentary in two paragraphs.
costs are easily traceable to a cost object such as a product, service, or department. costs are not easily traceable and are allocated to a cost object using a predetermined rate. (Do not abbreviate or add any extra spacing in your answers.)
Under activity-based costing, second stage allocation would involve: a. Calculating activity rates O b. Assigning costs to cost objects. O c. Assigning costs to cost pools O d. None of the given answers . O e. Defining activity measures
Explain the difference between a controllable and a noncontrollable cost.
Which of the following statements is true? (You may select more than one answer.)a. A common cost is one type of direct cost.b. A sunk cost is usually a differential cost.c. Opportunity costs are not usually recorded in the accounts of an organization.d. A particular cost may be direct or indirect depending on the cost object.
asap explain and describe the various costing method in management accounting.outline their advantagesand disadvantages.
or Activity drivers can be classified as either -- Select one: O a. good; bad O b. right; wrong O c. enact; inexact O d. imputs; outputs unit-level; nonunit-level
Activity based Costing enables overhead cost to be ___________assigned to cost objects. a. Over b. Under c. Accurately d. Highly
Cost Accounting don’t disclosure the information? True Flase
1. Why are indirect costs not directly traced to cost objects in the same way as direct costs? 2. Define cost tracing, cost allocation, allocation base and cost driver. 3. Distinguish between arbitrary and cause-and-effect allocations. 4. Explain how cost information differs for profit measurement/inventory valuation requirements compared with decision-making requirements. 5. Explain why cost systems should differ in terms of their level of sophistication.
18. The phone number listed on a résumé: A. Phone numbers should not be listed on a résumé B. Should include a musical introduction to demonstrate creativity C. Should not be answered during the day time (normal work hours) D. Should direct callers to a professional voice message 19. Transferable skills include: A. Skills contained on your network list B. Skills contained on your network portfolio C. Soft skills D. Job-specific skills 20. Cover letters should: A. None of these B. Both Have left-margin justification and Have right-margin justification C. Have right-margin justification D. Have left-margin justification
The following statements are correct excerpt?A. Different costs are used for different purposesB. Costing systems vary depending on the level of sophistication for cost assignmentC. Both direct and indirect costs are exclusively traced to cost object in the same wayD. Cost allocation occurs when quantity of resources consumed by a particular cost object cannot be directly measured