Explain the difference between a cost standard and an efficiency standard. Give an example of each.

Q: Define and explain the contribution margin ratio.

A: Contribution Margin: It is defined as the difference between the sales and the variable cost. In…

Q: Give me a model How Efficient is the Engineering Estimation Technique for Cost Estimation?

A: At whatever point we build up a product project, principle addresses that emerge to us is the amount…

Q: a) Define fixed, variable and semi-variable costs and give an example of each.

A: Since you have posted multiple questions we will do the first one for you. To get the remaining…

Q: Explain difference between prime costs and conversion costs.

A: Prime cost: It is the cost which is incurred for manufacturing a product. It includes direct…

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 visual-fit method of cost estimation. What are the main strengths and weaknesses of…

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Q: Explain the difference between fixed cost and variable cost? Support your answer with examples

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Give the conclusion in the given cost of quality

A: In the given case the failure costs amount to 56% of total cost of quality ... These costs can be…

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: Using the high-low method, determine the cost function for each cost?

A: High low method of cost estimation says that costs at highest level and lowest level are to be taken…

Q: Explanation of the meaning of the target costing ?

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

Q: n be obtained from this rating?

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

Q: Discuss the disadvantages of Absorption Costing for cost control and performance evaluation.

A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…

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: Describe variable costs and fixed costs and give an example of each.

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Giving examples, distinguish between Variable cost and Fixed costs

A: Introduction: Costs: Costs are of two types: 1 ) Fixed costs 2 ) variable costs

Q: Explain a linear cost function.

A: A function where the cost depends linearly upon the number of units produced is called a linear cost…

Q: Define and distinguish between contribution margin per unit and contribution margin percentage?

A: Contribution margin is the difference between the total revenue and total variable costs of a…

Q: Why there is a need to identify the standard co

A: Standard Cost A standard cost is an estimated expense that normally occurs during the production of…

Q: Define the term contribution margin ratio.

A: Contribution margin is the measure of ability of the company to cover its variable costs with the…

Q: What is a standard cost? Explain? Give an example?

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

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: Discuss ROPs and to tal costs.

A: Answer: ROP is defined as reorder point. This is the inventory level that is to be maintained at the…

Q: Compare actual and normal costing. What is the benefit of each? What is a circumstance in which each…

A: Actual Costing: Actual costing is a cost bookkeeping framework that utilizes genuine cost,…

Q: How is uniform cost search different from plain BFS?

A: UCS : Uniform Cost Search is an uninformed search algorithm. It cannot deal with a heuristic…

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: Explain Classifying Costs for Predicting Cost Behavior?

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Q: Produce a table of A-Design's different costs and classify them.

A: Cost classification is the classification which are made by the company so that in can be better…

Q: From the standpoint of cost control, why is the FIFO method superior to the weighted-averagemethod?…

A: FIFO method is First in First out method in which inventory which is purchased first will be sold…

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: Describe the difference between prime costs and conversion costs?

A: Solution:-  Difference between prime costs and conversion costs as follows under:-

Q: List three methods to measure cost behavior.

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Q: From the standpoint of cost control, why is the FIFO method superior to the weighted-averagemethod?

A: First-In-First-Out (FIFO) Method:   It is a method of managing inventory of an organization. Under a…

Q: Briefly explain the difference between absorption costing and variable costing.

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

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 standard costs.

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Q: Define the following terms: differential cost, sunk cost, and opportunity cost.

A: Differential cost:  Differential cost is the change in total cost due to increase or decrease in…

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

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Q: A determination of cost savings is most likely to be an objective of a

A: The answer is as fallows

Q: Explain one example of the cost driver.

A: Cost drivers are used in Activity Based Costing. Cost drivers are used to allocate overhead costs to…

Q: Explain contribution margin.

A: Contribution Margin is the amount of revenue available after variable costs to cover fixed expenses…

Q: What is a target cost per unit?

A: The target cost per unit refers to the cost that is to be estimated that the customers are willing…

Q: Explain the benefits of standard costs.

A: Standard costs means budgeted or predetermined cost for a unit of a business. For example, in…

Q: Using graphs, show how a semivariable (or mixed) cost behavior pattern can be used to approximate…

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