Choose the most appropriate answer(s): Calculation of product cost, gathering information for planning and analyzing information for decisions making are features of: information accounting cost accounting analyzing accounts marketing costs

Q: Which of the following is the best definition of product costs? a. Product costs are those costs…

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product…

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: Please describe a cost center, profit center, and investment center that the manufacturing company…

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Q: Search about how technique is efficient Analysis at the account level to estimate cost.

A: technique is efficient Analysis at the account level to estimate cost.

Q: When assigning indirect costs to a cost object, an ideal cost-allocation base measures ________. A)…

A: A measure of input or output that defines the amount of cost to be allocated to a specific cost…

Q: How does computerised accounting system could help to improvise better reporting  sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: Explain what activity-based costing is, and a brief explanation regarding how ABC improves the…

A: In costing their are different types of overheads and also different types of methods to allocate…

Q: Explain why knowledge of cost behavior is useful in product performance evaluation.

A: Definition: Product performance: Product performance indicates how well the product is flourishing…

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: What level of importance do product costs play in the business process? what kind of management…

A: Product cost: Cost incurred to produce a product is called product cost. It includes the cost of…

Q: Comprehend and Apply the elements of costing to the process environment.

A: Process Costing is used for industries involving continuous production of goods having same…

Q: Discuss two potential uses of the ABC cost information for decision-making, to the managers

A: Activity based costing (ABC): It is generally called ABC costing. This method is used in assigning…

Q: Compute It can use ABC information for what decisions? a. Cost cutting b. Pricing c. Product mix d.…

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

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Cost classifications used for preparing financial statements Include: Multiple Choice Product cost…

A: Answer : Concept :  Product cost is the cost that can be directly associated with the product and…

Q: Describe how life-cycle costing facilitates strategic management.

A: Life cycle costing:   Life cycle costing is an economic analysis used by the selection of…

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: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: pic is about Cost Accounting. Please check the picture for the problem. Requirement: Determine the…

A: =  Sales - purchases of raw materials- opening inventories + closing inventories - direct labor -…

Q: Describe the qualities and aims of cost accounting, as well as the purpose and significance of a…

A: The Definition of Cost AccountingCA is a field of accounting that focuses on cost and derives all…

Q: For a manufacturer, what does the planning process involve, and how is cost accounting information…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Search about how different businesses are using the following techniques to estimate cost of…

A: An engineered estimate of cost: It is the method, where the cost is estimated at a lower level of…

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: Explain cost concepts it is relevant for the company to be aware of in decision situations such as.…

A: Here discuss about the details of the various costs which are incurred to the business entity which…

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: Value chain classifications Match each of the following cost items with the value chain business…

A: Value Chain Analysis is an inbound logistics that includes a range of activities like receiving,…

Q: Evaluate cost factors influencing a company's decision.

A: Cost factor is the factor or an element which is related to unit of product for which some amount of…

Q: How cost accounting is useful for external user as Government ,and customer etc,support your answer…

A: Cost accounting gives complete details of the cost incurred in the manufacturing of the product and…

Q: In order to evaluate cost information managers must be able to distinguish between relevant costs…

A: Relevant cost refers to the cost which is usually incurred by lower management in an organization…

Q: В. Explain the following: Product costs and Period costs and one example of each. Distinguish…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: Define standard costs and explain how they assist managers in controlling costs.

A: standard cost: Standard cost is an estimated or predetermined cost based upon existing conditions.…

Q: What do you mean by cost accounting? Write about its types in brief with examples

A: Accounting is a procedure whereby an individual can record financial transactions of the business.…

Q: the uses of cost information in decision making to managers

A: Cost: It is a value related to the product that determines its purchasing value. A cost, in general,…

Q: Explain the relationship between customer profitability analysis and activity-based costing.

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

A: A cost accounting system is a system of…

Q: Describe accounting and presentation for research and development and similar costs.

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

Q: Costs estimations and cost predictions are two terms often used as management accountant that must…

A: under the accounting process management decide to do estimation of the cost which will tell that how…

Q: Cost accountancy

A: Cost accountancy is the application of cost accounting principles, methods and techniques 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: Which of the following is a correct statement? Check only those that are correct. Choose All That…

A: Cost tracing refers to the process of matching a cost with the product which is being produced.…

Q: Evaluate this using the principles of management and cost accounting.

A: Principles of Management and Cost Accounting The basic principles which are evolved in the…

Q: Explain the concept of a product family and its relationship to value stream accounting.

A: Product family is the grouping of same kind of product and services which go through the same…