What are the most important factors tor instolling a cost accounting system?O The Industry in which business is operating.O Obtaining the complete knowiedge of the production process.O The lowest installation price is a good reoson tor installing the cost accounting system.O Inatypical business organisation accounts department needs to satisty bank requirements while installing o cost system.O Cost apportionment can be done on the basis that can be easily changed to save the cost.O Costing system should fultil the requirement of difforent level of manogement.O Nature of product determines the type of costing system to be implemented.O The costing system should repeat the same system as the mojor competitor has.

Name: What are the most important factors tor instolling a cost accounting
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Description: What are the most important factors tor instolling a cost accounting system?O The Industry in which business is operating.O Obtaining the complete knowiedge of the production process.O The lowest installation price is a good reoson tor installing th

A cost accounting system refers to the set of guidelines formulated in order to help the company to…

Business

Accounting

O The industry in which business is operoting O Obtoining the complete knowledge of the production process. O The lowest instollation price is a good reoson for installing the cost occounting system. O hatypical business organisation accounts deportment needs to satisty bonk requirem O Cost opportionment can be done on the basis that con be easily changed to save the O Costing system should fulti the requirement of different level of manogement. O Nature of product determines the type of costing system to be implemented.

O The industry in which business is operoting O Obtoining the complete knowledge of the production process. O The lowest instollation price is a good reoson for installing the cost occounting system. O hatypical business organisation accounts deportment needs to satisty bonk requirem O Cost opportionment can be done on the basis that con be easily changed to save the O Costing system should fulti the requirement of different level of manogement. O Nature of product determines the type of costing system to be implemented.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter5: Activity-based Costing And Management

Section: Chapter Questions

Problem 11MCQ

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An important feature of a cost center is that a. It uses only monetary information b. It must be an area of a business through which products pass c. It must be one specific location only d. It has clearly defined boundaries
Knowing how costs behave to change in the level of activity is useful to management for all the following reasons except for: predicting customer demand. predicting profits as sales and production volumes change. estimating costs. changing an existing product production.
Which of the following is not a reason for banks to use activity-based costing? Oa. to determine service quality Ob. to determine profitability of services provided Oc. to determine the amounts charged to customers for services provided Od. all of the above
Which of the following is not a reason for banks to use activity- based costing? C a. to determine profitability of services provided Ob. to determine service quality c. to determine the amounts charged to customers for services provided Od. all of the above
Which of the following is NOT a period cost? Select one: O a. manufacturing costs. Ob general and administrative costs. Oc marketing costs. Od. research and development costs. Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy? Select one: a. What substitute products exist in the marketplace? Ob. Who are our most important customers? Does the strategy comply with GAAP (Generally Accepted Accounting Principles)? Od. Will adequate cash be available to implement the strategy?
Which of the following major activities of a business will result in product costs? Multiple Choice General administrative. Customer support. Marketing. Manufacturing. I need step by step answer.answer asap.
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Cost Item Answer Business Function a. Research and development b. Design c. Production d. Marketing e. Distribution t Customer service 1. Labor time to repair products under warranty 2. TV commercial spots 3. Labor costs of filling customer orders 4. Testing of competitor's product 5. Direct manufacturing labor costs 6. Development of order tracking system for the Internet 7. Printing cost of new product brochures 8. Hours spent designing childproof bottles 9. Training costs for representatives to staff the customer call center 10. Installation of robotics equipment in manufacturing plant
Which of the following statements is not a characteristic of a target costing system? It is a good system to compare the cost of your products with that of your competitors Assists with ensuring that a business can achieve its desired profit levels Focuses on cost reductions after the product has been designed Focuses on the manufacturing processes to see if improvements can be made from a cost perspective.
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Labor time to repair products under warrantyb. Design 2. TV commercial spotsc. Production 3. Labor costs of fi lling customer ordersd. Marketing 4. Testing of competitor’s producte. Distribution 5. Direct manufacturing labor costsf. Customer service 6. Development of order tracking system forthe Internet7. Printing cost of new product brochures8. Hours spent designing childproof bottles9. Training costs for representatives to staff the customer call center10. Installation of robotics equipment in manufacturing plant
What will you use to allocate the cost of the purchasing department? a.Number of purchase orders generated b.Number of machines c.None of the answers are correct d.Number of employees
The concerns that encourage management to look at the life- cycle costing are? 1.Opportunity Costs 2.Customer Satisfaction and Customer Loyalty . 3.Repair costs, maintenance, and warranties 4.Production Costs
What from the upcoming options will be made when using the traditional costing method, relatively to using the ABC costing method? Pick only one answer – Underestimating the products cost with products that have low direct costs, and one-time products that are produced in small series. A tight costing connection between the cost and the factor causing it. All the answers are incorect. A higher cost for implementing and managing the accounts managing system, the general and the costing. Overestimating the products cost with products that have low direct costs, and one-time products that are produced in small series.