Answered: The most sector needs the cost…

The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank sector C. merchandizing sector d. Service sector

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 2MCQ: Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b....

See similar textbooks

Related questions

Q: 6.Discuss the components in detail of the following financial statements for a manufacturing PLC: a.…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Inventoriable costs: include administrative and marketing costs are particularly useful in…

A: Inventoriable costs: These include all the expenses that are directly related to the manufacturing…

Q: Using ABC to allocate manufacturing overhead can helpmanagers to:a. Identify what activities drive…

Q: provide an example of a function/operation that is a cost for a company

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

Q: Explain Cost Flows in a Manufacturing Company with a diagram?

A: Cash flow can be defined as the flow of cash from its sources or from where it is derived to its…

Q: 1. What types of costs are allocated? What is a support department? What is a producing department?…

A: Allocation refers to distribution of total overhead cost to the departments that have actually used…

Q: A manager's needs regarding cost management and accuracy in product costing, and the underlying…

A: Definition: Product Cost: Product cost is the total quantitative value of all the efforts and…

Q: The most important element of cost in manufacturing industries is : Select one: a. Labor b. Material…

A: Cost: It refers to the aggregated amount that is spent by the business in the process of…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: Which of these statement is TRUE for a standard cost system? A) Standard cost systems help managers…

A: Lets understand the basics. Standard cost is a cost which is decide by management to be incurred…

Q: What is the purpose served by cost information illustrating it in relation to manufacturing business

A: A manufacturing company is an entity engaged in the production of goods. Manufacturing is about the…

Q: A report that lists the types and anmounts af costs incurred in manufacturing is a: Multiple Choice…

A: Introduction:- A cost sheet is a statement that exhibit the various components of total cost for a…

Q: Which of the following are matters that are linked to personnel administration and have a bearing on…

A: Recruitment and selection process :- It is a part of personnel administration (human resource…

Q: Which one is a product cost Select one: a. Travel Expenses b. Power c. Rent Factory Building d.…

A: Solution: Rent factory building is a product cost as this is a manufacturing overhead that…

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: Explain cost accounting and its functions as well the distinguishing features of cost accounting…

A: Cost accounting is an important branch of accounting, which lays emphasis on accumulation and…

Q: What are the difference between manufacturing cost and non-manufacturing cost, provide example of…

A: The total cost of all resources used in the production of a commodity is known as the manufacturing…

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: w product cost information is use

A: Product Cost: Product costs are costs that are incurred to make a product that's intended available…

Q: What are the three major types of product costs in a manufacturing company?

A: Products costs refer to the cost incurred by the firm to produce a product or render a service. It…

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: Question1. What is the process costing income statement? Provide a hypothetical example of a…

A: Process costing is a term used in cost accounting to describe one method for collecting and…

Q: Identify and describe the three types of product costs in a manufacturing firm.

A: Product cost involves the cost of making a product. These prices include direct labor, direct…

Q: Systems Concepts, Traditional versus Activity-Based Cost Accounting Systems The following items are…

A: Activity-based costing represents the costing method that assigned the cost to each activity based…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: Which of the following terms is commonly used to describe the departments within a company that…

A: Product cost: It refers to the costs that are incurred to manufacture a product involving the direct…

Q: Describe the Cost flows and their classifications in a manufacturing company?

A: Cash flows are the cash generated from the operation of the business organisation. In other words,…

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: Using product costing procedures, a cost is allocated to a product. The most frequent costing…

Q: Shipping, selling, marketing, sales order processing, return processing, and advertising activities…

A: Shipping, selling, marketing and advertising activities are indirect cost to the product or the…

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

Q: Explain the importance of Activity Based Costing for Selling and Administrative Expenses on a…

A: Activity-based costing is a method of determining product costs that take into account indirect…

Q: How is cost accounting information used by management? Why is unit cost information important to…

A: Cost Accounting:-It is a method of calculating and assessing the cost and expenses related to the…

Q: Choose the most appropriate answer(s): Calculation of product cost, gathering information for…

A: SOLUTION- EXPLANATION- COST ACCOUNTING IS AN ACCOUNTING METHOD THAT AIMS TO CAPTURE A COMPANY'S…

Q: Which of the following is the main objectives of cost accounting? a. Maintenance of machinery b.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: The accounting department of a manufacturing company is a(n) investment center. cost…

A: Investment center is a department or part of the organisation which is measured and evaluated by the…

Q: a) Calculate the product cost using a Traditional and ABC approach. b) Discuss and analyse…

A: Cost per unit under Traditional costing system: Particulars Product A Product B Product C Product…

Q: Salaries and commissions of company salesperson * Product Cost Period Cost

A: Introduction: Product cost: Cost which is directly related to manufacturing of a product called as…

Q: Explain the process costing income statement and provide a hypothetical example of process costing…

A: Process Costing Process costing is a term used in cost accounting to describe one method for…

Q: Please explain “capitalizing” and “expensing” as these terms apply to the cost of goods manufactured…

A: The word capitalizing and expensing are of different meanings in terms of cost of goods manufactured…

Q: Most manufacturing companies divide manufacturing costs into three broad categories. What are they?

A: Manufacturing cost is the cost which incurs in the process of manufacturing the goods. It may be…

Q: Explain the role of cost accounting as it relates to financial and managerial accounting

A: The main focus of cost accounting is on cost information and cost control (managerial use), while…

Q: How is a scatter diagram used to identify and measure the behavior of a company’s costs?

A: Answer: In the scatter diagram method represents the costs behavior graphically. By plotting all the…

Question

The most sector needs the cost accounting information is
Select one:
a. Manufacturing sector
b. Bank sector
C. merchandizing sector
d.
Service sector

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

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 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

Identify and describe the three types of product costs in a manufacturing firm.
Internal costs that are charged to the segments of a business are called_______. A. controllable costs B. variable costs C. fixed costs D. allocated costs
Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
What are organizational and operational activities? Organizational cost drivers? Operational cost drivers?
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAP
The accounting department of a manufacturing company is a(n) investment center. cost center. segment. profit center.
provide an example of a function/operation that is a cost for a company
Which of the following are the two main types of cost accounting systems for manufacturing operations? Oa. a. job order cost and process cost systems Ob. process cost and general accounting systems Oc. process cost and replacement cost systems Od. job order and general accounting systems
Which of the following describes the term ‘cost unit’? A basis for cost classification A production or service department A unit of product or service The cost of a unit of output
how the aborption costing method and the activity based costing method impact business oganizations