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

Q: Define opportunity costs and explain why they represent acommon source of error in making cost…

A:

Q: The definition of the cost is the collection of cost data in some organized way by means of an…

A: Cost is amount of cost incurred

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: Explain the implementation issues of the cost estimation methods

A: Cost estimation is the process of determining the probable cost of a product before starting the…

Q: When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A)…

A: A measure of input or output that defines the amount of cost to be allocated to a specific cost…

Q: Give detail definition on operational cost and explain in detail how the operational cost is…

A: Introduction:- The following definition of operational cost as follows under:- Operating costs are…

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: 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: Differentiate between Cost audit and Financial audit.

A: An auditing is a process where the auditor examines or inspects various books of accounts, followed…

Q: Explain how a scatter graph is used to identify and measure cost behavior.

A: A Scatter graph is a graphical tool that plots activity level on the x-axis and matches total cost…

Q: Describe the conference method for estimating a cost function. What are two advantages of this…

A: Conference method:

Q: Write cost pool, cost driver, activity cost, budgeting.   What are the assumption of CVP analysis?…

A: Answer:  Write cost pool, cost driver, activity cost, budgeting.   Cost Pool is the sum total of…

Q: Search about how different techniques are efficient to estimate cost. – Engineered estimate of cost…

A: Four regular methodologies are utilized to appraise fixed and variable expenses:   Record…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: Explain the relationship between the costs of flexible and committed resources, usage of resources,…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: omputerised cost

A: The computerized accounting system is an accounting data system that processes financial…

Q: Explain the advantages of conference method for estimating a cost function.

A: Conference method: Conference method uses, perceptions, analysis, knowledge and related information…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

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: Discuss the differences between lean accounting and traditional cost accounting.

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Q: Define Cost recovery method

A: Cost recovery is a method in accounting wherein a business only records the revenue it earns from a…

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: Identify the output and input variables in both the bottom-up and top-down strategies to cost…

A: Bottom ups of the cost estimate are the most accurate cost estimation process wherein every minute…

Q: Briefly describe the methods of calculation of costs in practice. Provide the comparison of both as…

A: Cost refers to the amount that is spent by the company to earn a profit. For example, advertisement…

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: Discuss the difference between the revaluation model and cost model in detail.

A: Revaluation model and cost model are two different models of subsequent measurement of invested…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

Q: are measures of activities that require the use of resources and thereby cause costs Value Chain…

A: Solution: Cost drivers are measure of activities that requires the use of resources and thereby…

Q: Define standard costs and explain how they assist managers in controlling costs.

A: standard cost: Standard cost is an estimated or predetermined cost based upon existing conditions.…

Q: Why is it important to establish appropriate cost pools?

A: Activity cost pools are used in activity based costing which attempts to absorb overheads in a more…

Q: Discuss the Top-to-Bottom and Bottom-to-Top approaches in Cost Estimating. Focus your discussion in…

A: Meaning: Top-to-Bottom approach: Top-to-Bottom approach is also called imposed style cost estimation…

Q: Discuss the techniques that can be applied to obtain relevant and accurate cost estimates.

A: The question is based on the concept of cost estimation, which is one the most important parameter…

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: Differentiate between operating costs and administrative costs?

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: explain the importance of cost behavior

A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…

Q: Distinguish between a profit center and an investment center. Draw a diagram illustrating the…

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Q: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?

A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting  There is…

Q: Search about how technique is efficient Engineered estimate of cost to estimate cost.

A: technique is efficient Engineered estimate of cost to estimate cost.

Q: Explain an example how to calculate total costs.

A: Total c osts represents overall costs incurred to produce or procure a product.

Q: Explain the implementation problems in cost estimation.

A: Cost estimation: It is the development of a defined relationship between cost object and 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.