To make predictions about costs and income, you must first classify costs by their behavior.     True   False

Q: Give three examples of opportunity costs that typically are not recorded in accounting systems,…

A:

Q: Cost accounting is used as a means of fixing a selling price. Select one: True False

A: Cost accounting is a method of managerial accounting which is used to calculate the total production…

Q: he management wants to know about the cost behaviour and how to classify the cost according to its…

A: Cost behaviour refers to an aspect which helps in indicating the change incurred in costs when there…

Q: Managers often assume a strictly linear relationship between cost and the level of activity.Under…

A: There are 3 main types of cost: a. Variable cost b. Fixed cost b. Mixed Costs Variable costs are…

Q: Explain two reasons why uncontrollable costs are included in the income statement

A: Introduction:- Uncontrollable costs are cannot be avoided. Which are necessary for production of…

Q: THE MAIN DIFFERENCE BETWEEN EX-ANTE AND EX-POST ECONOMIC PROFIT a. Representing the opportunity…

A: b. is called the hold-up problem

Q: Contrast the income statement effect of LIFO versus FIFO(on Cost of Goods Sold and Gross Profit)…

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Product costs are ordinarily found in the traditional Income Statement's Operating Expenses whereas…

A: Product costs are those costs which are incurred on specific products like material cost, labour…

Q: “Management accounting deals only with costs.” Do you agree? Explain?

A: Management accounting is wide field which encompasses cost computation, pricing analysis,process…

Q: Cost accounting depends entirely on historical information. Select one: True False

A: Cost accounting is the accounting of the total cost related to production of the product. It…

Q: Which of the following is NOT true about the cause-and-effect criterion when estimating a cost…

A: The cause and effect analysis is one of the factors for making cost allocation decisions. The cost…

Q: Does using cost volume profit sensitivity analysis have any drawbacks or possible negative impacts…

A: Cost volume profit analysis is used to control or monitor a sensitive analysis which depicts changes…

Q: Why do managers consider direct costs to be more accurate than indirect costs?

A: Cost: Cost refers to the expense incurred by the business to earn revenue from sales. In other…

Q: 1 Consider the following statements concerning costs. When making​ decisions, relevant costs that…

A: Management accounting is the one widely used by the management and the accountants for various…

Q: Please explain the meaning of a differential revenue or a differential cost.

A:

Q: The choice of costing method will impact both the balance sheet and the income statement. True or…

A: Different costing methods produces different results. For example, absorption costing produces…

Q: How do managers decide whether a cost is adirect or an indirect cost?

A: Cost refers to the amount of money incurred for acquiring a product or manufacturing a product. Cost…

Q: How do managers decide whether a cost is avariable or a fixed cost?

A: Cost refers to the amount of money incurred for acquiring a product or manufacturing a product. Cost…

Q: Cost calculation

A: Cost is the amount incurred in production of product, carrying out a process, conduct of sales or…

Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: Which of the following statement is correct for relevant costs? a. It is avoidable, future and…

A: Relevant cost are those costs which are relevant for decision making. A cost is judged to be…

Q: How cost accounting is useful where financial accounting could not be answered. Give any exampleto…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

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

A:

Q: Which is the true statement?   The CVP income statement shows contribution margin instead of gross…

A: The CVP Income Statement or the Cost- Volume- Profit Income Statement is almost similar to the…

Q: Which of the following costs are irrelevant to business decisions? Avoidable costs Costs that…

A: Sunk costs are irrelevant to business decisions.

Q: What is the definition of cost?

A: In the business, costs are the important measures to determine the value of elements being purchased…

Q: How cost accounting covers the problem of Evaluation of alternative while buying

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: What is life-cycle and/or full-cost accounting? IS THERE A DIFFERENCE?

A: In this question, we have to tell about life-cycle costing and full cost accounting, whether these…

Q: Wrong allocation of common costs lead to   A. Inaccurate estimation of cost of products or…

A: Common costs are those costs that are incurred for two or more products simultaneously. Common costs…

Q: 1-Why is it important to distinguish cost incurrence from locked-in cost? 2- How do companies…

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

Q: What circumstances might create distortions where estimated costs are not an accurate representation…

A: The estimated costs are the costs determined through the estimation process on past…

Q: When making decisions, managers should consider a. revenues that differ between alternatives. b.…

A: The explanation for the given options:   a. A manager on the verge of making decisions must consider…

Q: Cost Accounting don’t disclosure the information? True Flase

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

Q: i). How cost accounting is useful where financial accounting could not be answered. Give any example…

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

Q: elevant for decision making purposes. Explain ii. Why opportunity cost is measured and relate with…

A: SOLUTION-1 DIFFERENTIAL COSTS OR RELEVANT COST -THEY ARE THE COST THAT IS AFFECTED BY THE DECISION…

Q: Direct costs are classified by controllability.    True False Can be true, can be false

A: Direct costs are those costs which are directly incurred for purchase or production of goods in the…

Q: 1. The amount of increase or decrease in revenue that is expected from a particular course of action…

A: Differential costing is a technique where differential costs are considered relevant. Differential…

Q: Which of the following costs are irrelevant to business decisions? a. Avoidable costs b. Costs that…

A: Irrelevant cost: Irrelevant cost does not affect the decision making since they are not in the…

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: Describe Estimating Supplier Costs Using Reverse Price Analysis?

A: Reverse pricing analysis is a pricing model which allows its consumers in order to establish the…

Q: Question 2: It is usually seems as cost accounting cover the financial accounting problems as:…

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

Q: A cost that cannot be changed because it arises from a past decision and is irrelevant to future…

A: Definition:

Q: Describe the differences in behavior of fixed costs, variable costs, semi-variable costs and step…

A: Fixed costs are fixed in nature, it doesn't vary with the change in units. The total fixed cost will…