Q6) Manufacturing overhead costs are easy to trace and can be ignored while calculating total costs. Select one: True False

Q: 7-is the cost which used in product evaluation, decision making or performance evaluation to…

A: Costs are the expenses of the business which  the business will incur in course of business. Costs…

Q: Cost assignment and cost accumulation are the two cost accounting system processes that helps…

A: Costing is the method of recording, all cost incurred in process of completing product project and…

Q: Which of the following statements is false? (You may select more than one answer.)a. Activity-based…

A:

Q: Production cost is same as manufacturing cost. True False Can be true, can be false

A: Production cost: it is the cost incurred by management to produce a specific quantity of goods. it…

Q: Which of the following is false about activity-based costing?   Implementing an activity-based…

A: Activity-Based Costing (ABC): Under activity-based costing the different cost is assigned to a…

Q: Calculate the order quantity that would minimize the cost of item Z.

A: Economic order quantity (EOQ), is  the optimum amount of an item that should be ordered at any given…

Q: Cost accounting depends entirely on historical information. Select one: True False

A: Cost accounting is the accounting of the total cost related to production of the product. It…

Q: he following statements is true? bsorption costing treats fixed overhead as an expense in the period…

A: The income statement is prepared using various methods as absorption costing and variable costing.…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: Which one of the following is not correct about variable costing systems? Select one: O a. Focuses…

A: Variable costing: Under this method refers to the cost technique under which only variable costs are…

Q: . If the coefficient of correlation for machine hours is higher than the coefficient of correlation…

A: The coefficient of correlation is a measure that calculates the relationship between two variables.…

Q: In using the high-low method, the data which relate to company’s operation during abnormal situation…

A: Solution: In using the high-low method, the data which relate to company’s operation during abnormal…

Q: An allocation base! O a. is a measure used to assign prime costs to products and services O b.…

A: An allocation base is the basis on which Cost accounting allocates overhead costs.  An allocation…

Q: Some costs that possibly could be traced directly to cost objects are nonetheless classified as…

A: Indirect costs are those costs which cannot be traced or is not cost effective to trace the costs…

Q: Choose one correct answer by writing down the question number and the letter representing the answer…

A: Costs are classified as direct and indirect costs. Direct costs are a cost which is directly related…

Q: The term "relevant range" as used in cost accounting means the range over which     a. Cost…

A: Introduction: Cost Accounting: Cost Accounting is for internal users. Cost accounting is for…

Q: One disadvantage of activity-based costing is that it cannot be used for external reporting. This is…

A: Introduction Activity based Costing (ABC) is a method of assignment of overhead costs to the…

Q: Which of the following statement is false?         Multiple Choice   a)The contribution margin…

A: Ans. Absorption costing allocates fixed manufacturing overhead to a product whether or not it is…

Q: C8Q7- Which one of the following statements is not correct? Total cost = total variable cost + total…

A: It is required to select a statement which is not correct. The statements are : 1. Total Cost= Total…

Q: Which of the following are considered to be benefits of activity-based costing (ABC)?   1. More…

A: Activity based costing means where the product is valued on the basis of actual direct material ,…

Q: ASAP Kindly give a full explanation for each option why it is correct or why others are wrong   1…

A: Process costing is one of the important section of cost accounting, under which costs and expenses…

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: 6) Explain the difference between an inventoriable (Product) cost and a period cost. What potential…

A: Financial statements are statements which states the business activities performed by the company .…

Q: The high-low method used in determining costs can be used to estimate the cost queation using just…

A:

Q: CLEAR MY CHOICE Which of the following statements is false? O a. Volume-based costing has typically…

A: Volume based costing and activity based costing are two type of costing methods that are used for…

Q: Which of the following statements is true? Select one: O a. The most complex of the cost estimation…

A: High-low method: It is the method of estimating the variable cost per unit and the fixed costs by…

Q: The "x" in the overhead cost equation, y = $5.50x + $92,000, represents which of the following?…

A: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest activity units -…

Q: Wrong allocation of common costs lead to   A. Inaccurate estimation of cost of products or…

A: Common costs are those costs that are incurred for two or more products simultaneously. Common costs…

Q: Indicate whether the following statement is true or false, then support your view. By using a…

A: Traditional method of costing is the method of allocating overheads based on the single cost driver.…

Q: Which of the following statements is true? O a. Activity-based costs per unit are always greater…

A: The volume based costing represents the cost allocation to a single cost pool. The high volume…

Q: PLEASE ANSWER ALL   4. A cost management system will provide the means to develop a. The most…

A: Cost management is the system to manage the Cost ( Plan and control )

Q: . Product costs used for external reporting generally include:     design costs plus manufacturing…

A: Following is the answer to the given question

Q: Which of the following statements is true? O a. Activity-based costing typically provides less…

A: Volume based costing represents the product costing where factory overhead is allocated to the…

Q: Using the above information derive a cost function that can be used to predict the total production…

A: High-low cost estimation method is used to segregate the fixed cost and variable cost element in…

Q: Direct materials are considered as product costs. *   True   False   Can be true, can be false   I…

A: The manufacturing cost includes the direct and indirect cost incurred on production.

Q: In describing the cost formula equation Y = a + bX, which of the following statements is NOT…

A: Cost formula equation shows the combination or mixture of fixed costs and variable costs for…

Q: uantity order to reduce the overall cost is usually stated as EOQ. why it is related to one time…

A: Step 1   Economic order quantity (EOQ) is the ideal order quantity a company should purchase to…

Q: Which of the following statements regarding activity-based costing (ABC) is false?   A.   ABC is…

A: Overheads are the indirect cost involved in the production process of the company. It is charged to…

Q: Conversion Costs are composed of direct labor and overhead. *   True False Can be true, can be false…

A: Conversation cost: it is the cost incurred to convert raw material into finished goods.…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.