Practice 2:  a: Define standard costs. b: under what conditions should previously established standard costs be revised? c: explain why the determination of standard cost amounts should not be the sole responsibility of a company's cost accountant.

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: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

Q: Q1       discuss in detail Cost Accounting, Objectives of Cost Accounting, Essentials of a good…

A: Cost accounting is branch of management accounting in which all costs related with the products like…

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: What modifications are made to the cost classification of product costs in estimating service costs?

A: Cost classification refers to the separation of various expenses into different categories. It is…

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: QUESTION 1: Identify the right answer for the following statements. The salary of the director of a…

A: The sum of all expenses incurred in producing an item or service that has been sold is known as the…

Q: Purchase​ discounts, freight in and receiving costs   A. are used when setting a cost standard for…

A: Purchase discounts, freight in, and receiving costs are considered as part of the cost of the…

Q: Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van…

A: Product costs are related to manufacturing and are part of cost of inventory.

Q: Explain the Problems in Cost Accounting Measurements?

A:

Q: Why are product costs sometimes called inventoriable costs? Describe the flow of such costs ina…

A: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the…

Q: Question 2 Direct costs: are incurred to benefit a particular accounting period. are incurred due to…

A: Direct cost are those cost which can be directly link to the manufacturing of goods or rendering of…

Q: Q1 What process is used to assign costs in an ABC system? Provide numerical example. Q2 How is…

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

Q: Which of the following statements is true? * O a. A common cost is one type of direct cost. O b. A…

A: The question is related to Choose which of the statement is true.

Q: ers choose  between applying predetermined overhead rates or actual overhead rates.

A: Predetermined overhead rates refer to the rate which is used to apply  manufacturing overhead to…

Q: Discuss the circumstances that would require a business to change from traditional costing to ABC…

A: The difference between the traditional method (using one cost driver) and the ABC method (using…

Q: Which of the following is NOT a period cost? Select one: O a. manufacturing costs. O b. general and…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Direct cost is the cost incurred by the organization while performing their core business activity…

A: Lets understand the basics. Cost are dividend into two parts which are, (1) Direct cost (2) Indirect…

Q: Research and development activities may include (a) personnel costs, (b) materials and equipment…

A: Research and development cost: These are the cost that is incurred on the research for producing the…

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: Practice: part 1: Define two things that use “EU” as their abbreviations, one of which must be in…

A: Accounting is a process where all the transactions of a business is recorded in books of accounts,…

Q: Which of the following is/ are considered as the uses of standard costing?   Statement 1:…

A: Introduction:- Standard Costing:- The practice of estimating the cost of a production process is…

Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners…

A: Solution: "Reporting to owners"  is not a function of Cost Accounting. This is because the functions…

Q: In a responsibility accounting system, should the recording of revenue and costs begin at the…

A: Responsibility center: A department or unit of a corporation where the management assigns the…

Q: tatement is true or false, and correct the false tatement(s): Manufacturing cost is called period…

A: Manufacturing cost is the cost incurred to manufacture units . It includes direct material , direct…

Q: (a) Explain the difference between the throughput and absorption costing methods.

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

Q: 1. What are the three primary reasons of using a standard cost system? In a business that routinely…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Describe the impact that the cost constraint has on reporting accounting information.

A: Accounting information not only must be relevant and faithful, they must also pass the economic test…

Q: What are the essential factors for installing a cost accounting system? Explain

A: A cost accounting system is a system of…

Q: Discuss any two differences between the traditional costing system and the actively-based costing…

A: Traditional  Costing…

Q: Identifying the benefits of standard costs Setting standards for a product may involve many…

A: Standard costing is very important for a business. This is used to control the costs of the…

Q: In the context of a real-life company, an identification and discussion of the different types of…

A: The question is related to Cost Accounting. Cost  is the amount of resource given up in exchange of…

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: 2. For purposes of making decisi

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

Q: Activity Based Costing to report product costs in financial statements

A: Activity Based Costing is a costing method to allocate overheads to products or operations or jobs.

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: How would you explain to a company’s management the primary difference between traditional and…

A: A system that is used for assigning the total cost incurred to different elements of business is…

Q: Which of the following statements is true? (You may select more than one answer.)a. Conversion costs…

A:

Q: Requirement 1: Please describe the basic objectives in the use of standard costs.  Requirement 2:…

A: Cost accounting is the accounting which helps in calculation of the cost of the product or the…

Q: When preparing cost estimates for account analysis purposes, should the costs be extracted from the…

A: Cost estimation is essential for every company to help managers in relevant decision-making. Cost…

Q: The entity's management is currently reviewing all costs of production. • If the entity's accounting…

A: Cost of production: It is the cost incurred in producing the goods or providing the services. These…