Describe three guidelines for costing system refinement.?

Q: Classify the following activities as per their respective categories under quality cost or as per…

A: The value chain means the process or activities by which a company adds value to an article,…

Q: List at least two positive and two negative features of standard costing systems.

A: Standard Costing:   It is an accounting system that is used by organization to identify the…

Q: Discuss four frequently encountered problems when collecting cost data on variables included in a…

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

Q: “The standard –costing method is particularly applicable to process-costing situations.”Do you…

A: Yes, the standard-cost procedures are particularly suitable for costing systems where there are…

Q: Define the term normal costing.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: What is cost-allocation base? Give three examples?

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

Q: discuss the various costing methods?

A: Various Methods of costing are as follows: 1) Unit Costing 2) Operating Costing 3) Contract Costing…

Q: Which of the following represent the right process order for cost allocation: Select one: O a.…

A: Cost Allocation is the process of identifying and assigning costs to the various cost objects. These…

Q: Define the following terms: (a) cost behavior and (b) relevant range.

A: Cost behavior and relevant range are terms under cost accounting. Cost behavior studies the pattern…

Q: Define cost object and give three examples?

A: A cost object can be defined as something to which the management feels the need to seperately…

Q: - standard costing

A: Standard costing system is the method of setting standards for every costs and revenue and comparing…

Q: Define and explain the cost management information system's two major subsystems.

A: Cost management information system refers to the system which is related with the manufacturing the…

Q: List and briefly describe the four broad categories of activities identified in stage one of an…

A: Activity based costing system is method of costing in which indirect costs are assigned to the…

Q: Define cost tracing? Give three examples?

A: Cost tracking: Cost tracking means the historical record of all the information of cost as it is…

Q: Which type of cost center has a planning focus, and which type has an evaluation focus?

A: Cost Center: It is a department within an organization to which costs can be assigned.

Q: What is costing system refinement? Describe three guidelines for refinement.

A: Broad averaging is also known as peanut butter cost is a costing approach of distributing the…

Q: List three types of industries that would likely use process costing.

A: Process costing:   Process costing is a method of costing that traces and accumulates direct costs,…

Q: Discuss several ways in which standard-costing systems should be adapted in today’s manufacturing…

A: Below are some of the ways in which standard-costing systems should be adapted in today's…

Q: List three factors that are important in selecting cost drivers for an ABC system.

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

Q: Define absorption costing.

A: Absorption costing refers to managerial accounting cost method for expending each costs associated…

Q: Briefly explain how to use the physical-units method of joint cost allocation.

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

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: List three methods to measure cost behavior.

A:

Q: Describe standard cost system.

A:

Q: 1. Define the acțivity based costing system.

A: Activity-based costing or ABC is a system to find out the cost of a product.

Q: What is costing system refinement?

A: Broad averaging is also known as peanut butter cost is a costing approach of distributing the…

Q: What are the four steps to developing an activity-based costing system?

A: Activity-based costing (ABC):   Activity based costing (ABC) framework was created to manage the…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

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

Q: List and describe the four components of the cost of qualityand provide examples of each.

A:

Q: Identify and discuss the four kinds of quality costs.

A: Remediating item gives identified with quality. Quality expenses don't include basically overhauling…

Q: Discuss five areas where the concept of cost behavior is applied

A: Management's endeavor to understand how operating expenses change in response to a change in an…

Q: What are the three common features of cost management?

A: Cost management:Cost management is a type of management accounting that estimates expenses involved…

Q: What are the two stages of allocation in activity-based costing?

A: Activity-based costing is one of the methods of allocating overhead costs. This method focuses on…

Q: Describe the term target costing.

A: Target costing: Target costing is a business procedure that targets at the earliest stages of new…

Q: List and define the four types of quality costs.

A: Definition:   Product costs: Product costs are the costs which are incurred in the production of the…

Q: Define the term process costing.

A: Process Costing: Process costing is a method of costing used mainly in manufacturing where units are…

Q: Define and explain the two major subsystems of the cost management information system.

A: The Cost Accounting Information System (CAIS) is a monetary accounting system that calculates the…

Q: Define and explain the cost management information system's two major subsystems.

A: The Cost Accounting Information System (CAIS) is a financial accounting system that computes and…