Think of two [ of your ] real life examples about objective principleThink of two [ of your ] real life examples about cost principle

Q: 1.Discuss sunk costs and opportunity cost.

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

Q: “Sunk costs are easy to spot—they’re the fixed costs associated with a decision.” Do you agree?…

A: The Sunk cost is a cost which has been incurred in the past and cannot be recovered and revoked back…

Q: Explain any TWO advantages and TWO disadvantages of standard costing analysis

A: Standard costing is the way to allocate the costs to the activities like for materials, labor or…

Q: Cost is being classified  in a varity of ways, what benefits can be acquired out of this…

A: Classification by the management in their decision making is significant to help management in the…

Q: ?Which of the following statements related to cost estimation methods is true

A: Cost estimation can be defined as an approach under the project management. It is the costing…

Q: What is a cost driver? Give one example?

A: Cost: Cost refers to expenses incurred by the business to earn revenue from sales, in other words…

Q: n be obtained from this rating?

A: Given: To analyse the cost classification with the benefits as follows,

Q: What is the cost principle?

A: Cost Principle:Cost principle requires recording of assets and liabilities on the balance sheet of…

Q: Giving examples, distinguish between Prime costs and Marginal costs

A: Prime costs are the firm total expenses directly related to the materials and labour used in…

Q: Define the term “opportunity cost.” How may this cost be relevant in a make-or-buy decision?

A: Cost is defined as the total amount of money spent by the company for the production or creation of…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: The costs most relevant to be used in decision making are: a. sunk costs O b. current costs O c.…

A: Cost: It implies to the expense that is incurred on the manufacturing of a product or rendering…

Q: What two assumptions are frequently made when estimating a cost function?

A: Cost Function:Cost function represents the basic change that occurs in the total cost due to the…

Q: “All the independent variables in a cost function estimated with regression analysis are cost…

A: Cost driver: Cost driver is one of the measurements that help the company in tracing directly the…

Q: Identify at least two (2) irrelevant costs in a make vs buy decision

A: Irrelevant costs are those costs that do not change if any of the alternatives are selected between…

Q: Define prime costs with an example?

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

Q: Label each of the following statements as either true (“T”) or false (“F”). A sunk cost will change…

A: Sunk cost: It can be defined as an expense that has already been paid for and cannot be recovered in…

Q: Discuss the limitations of cost volume profit analysis for planning and decision making.…

A: The question is related to the Cost Volume Profit Analysis. Cost-Volume-Profit (CVP) Analysis is an…

Q: Explain Classifying Costs for Predicting Cost Behavior?

A:

Q: Calculate the total relevant cost. Do you agree with the president's conclusion?

A: Note: Allocated facility level cost is a fixed cost; hence it is not taken into consideration.

Q: Define Cost Pool, Cost Object and Cost Driver

A: Cost accounting forms a part of managerial accounting method that is used for measurement of total…

Q: 2. What is cost-volume-profit analysis and what are the important assumptions of this analysis?

A: Profit analysis entails dissecting a company's reported profit figure to determine the true extent…

Q: Y,a,b and X explain these with help of examples according to cost behaviour

A: Cost behavior analysis helps to understand the change in the total cost with respect to the change…

Q: What is the purpose of cost allocation in terms of economic decisions, motivation and justifying…

A: INTRODUCTION: Cost allocation is the process of identifying, accumulating, and assigning costs to…

Q: Describe three different ways in which managers determine cost behavior, which do you think is most…

A: Cost behavior analysis: It is the investigation of how certain expenses carry on in a business.…

Q: 1. What are the key cost categories in the traditional view?

A: Traditional view is the type of costing wherein the allocation of factory overheads is done based on…

Q: Describe cost constraint and materiality constraint by giving your own examples.

A: Answer

Q: Explain cost constraint and materiality constraint by giving your own examples.

A: Accounting constraints under the accounting field are boundaries or guidelines which are followed…

Q: Explain and discuss your understanding about the full cost-pricing with 3 example of its possible…

A: Cost plus pricing model can be defined as a pricing strategy in which the total cost of the product…

Q: t and explain? thank you! Please include the reference if it'

A: INTRODUCTION  :-  Cost denotes the quantity of cash that a corporation spends on the creation or…

Q: Explain the difference between target price and target cost.

A:

Q: The following statements are correct excerpt? OA. Only avoidable costs are relevant for decision…

A: Relevant costs are costs which are important for decision making or these costs can effect the…

Q: Define the Cost Pool, Cost Object and Cost Driver. Please help me I really need the answer, clear…

A: These are the terms which are primarily used in cost accounting for assignment of cost to different…

Q: Explain cost benefit analysis in detail. Describe the evaluation techniques of cost benefits.

A: The company's motive will be to increase the profitability. The profitability of the company can be…

Q: When pricing a product or service, managers must consider which of the following? a. Only period…

A:

Q: Define the term opportunity cost, and give an example of one.

A: Opportunity cost: It is the benefit which is foregone by choosing next best alternative. In mutually…

Q: Consider the following statements concerning costs.        1. A committed cost cannot vary with the…

A: Committed costs are costs that are committed or fixed to be incurred in future period of time.…