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"Make or Buy", "Sell or process", "Keep or replace", "Segment Elimination" are decisions where relevant cost analysis might be used effectively. WRITE a description of each type of decision. MUST INCLUDE examples in your description. ANSWER THIS IN 4 paragraphs, 1 PARAGRAPH FOR EACH DECISION IN DETAILED.
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- Decisions where relevant cost analysis might be used effective is Make or Buy Decision. Explain IN YOUR OWN WORDS what "Make or Buy Decision" is AND MUST USE EXAMPLES IN YOUR DESCRIPTION.arrow_forwardThe concept of relevant cost. PLEASE ANSWER THIS WITH 4 paragraphs.arrow_forwardDiscuss the limitations of cost volume profit analysis for planning and decision making. Nb: please do answer this question in three paragraphs.arrow_forward
- Decisions where relevant cost analysis might be used effective is Keep or replace decision. Explain IN YOUR OWN WORDS what "Keep or replace decision" is AND MUST USE EXAMPLES IN YOUR DESCRIPTION.arrow_forwardMatching Following are a number of key terms and concepts introduced in thechapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–12). Note thatnot all key terms and concepts will be used. Answers are provided at the end of thischapter.a. Cost–volume–profit analysisb. Cost formulac. Contribution margind. Contribution margin formatincome statemente. Linearity assumptionf. Contribution margin ratiog. Operating leverageh. Sales mixi. Break-even pointj. High–low techniquek. Managerial accountingl. Management processm. Variable costn. Fixed costo. Relevant rangep. Mixed (semivariable) costq. Cost behavior pattern____ 1. The proportion of total sales represented by various products or categoriesof products.____ 2. The difference between revenues and variable costs.____ 3. The concept that operating income changes proportionately more than revenues for any given change in revenues.____ 4. The…arrow_forwardDecisions where relevant cost analysis might be used effective is Segment Elimination. Explain IN YOUR OWN WORDS what "Segment elimination" is AND MUST USE EXAMPLES IN YOUR DESCRIPTION.arrow_forward
- Decisions where relevant cost analysis might be used effective is Sell or process decisions. Explain IN YOUR OWN WORDS what "sell or process decision" is AND MUST USE EXAMPLES IN YOUR DESCRIPTION.arrow_forwardPlease provide step by step solution.arrow_forwardrovide another example of a cost center and explain why you choose that example.arrow_forward
- Matching Question: Match the following cost accounting objectives with their corresponding descriptions: A) Cost Control and Reduction B) Budgeting and Planning C) Performance Evaluation 1. Involves comparing actual costs with budgeted costs to assess efficiency. • Answer: 2. Focuses on implementing strategies to manage and minimize costs. • Answer: 3. Provides precise cost estimates for various activities, aiding in effective planning. • Answer: Match each objective with its appropriate description: A)..... B) C)arrow_forwardWhich of the following statements is true? Select one: O a. The most complex of the cost estimation methods is the high-low method. O b. Engineering approach approximates cost function by classifying each account as either variable or fixed based on the analyst's knowledge of how the account behaves. C The high-low method of deriving an estimated cost line uses all the data points available. O d. In approximating the cost function, the account analysis classifies costs based upon an industrial engineer's evaluation of production methods, and material, labor, and overhead requirements. O e. The high-low method is used to derive an estimated line of cost behavior by graphically connecting the two cost amounts identified with the highest and lowest volume levels.arrow_forward2. The internal cost analysis process involves the following in what order? (A) Identify the links between the process and check for opportunities to lower costs, (B) Identify the value creating processes and the cost of each, (C) Identify the cost driver for each process and the cost per activity level. a. A, B, Cb. C, A, Bc. B, A, Cd. B, C, Aarrow_forward
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