Standard costing improves the control functions” discuss this statement give some examples.

Q: Discuss how the strategic management accounting technique target costing could offer Green…

A: Target costing is a strategic cost management technique, it helps in cost reduction of the entity…

Q: After understanding and studying Standard Costing: 1. Which of the following management function is…

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

Q: How does standard costing improves the control function? Comment with examples.

A: A standard costing framework is an accounting instrument utilized for assessing required creation…

Q: "Standard costing improves the control function" comment

A: Standard costing is one of the technique of accounting.  Standard costing is the method which…

Q: Marginal Costing

A: Option a is wrong because marginal costing is not a technique of cost reduction. Cost reduction…

Q: Explain the Role of environmental costing in improving organisational performance

A: Environmental Costing is an important tool for understanding the role played by the Natural…

Q: Explain how nonuniform inputs and multiple departments affect process co

A: Solution Concept Process costing is a method of costing where the production process is carried out…

Q: Define value engineering. How is it used to control costs?

A: Value engineering also called value analysis refers to the process of increasing quality of the…

Q: Explain the similarities between ABC and traditional costing .

A: Traditional Costing is the method of allocation of cost based on a single cost driver; whereas under…

Q: Explain why standard costing is more suitable for controlling the cost of unit-level activities

A: Standard costing is a cost accounting method in which predetermined levels of sales, production,…

Q: "Standard costing improves the control function"explain with more information and examples

A: Standard costing is part of Cost Accounting which is used by some manufacturing concerns to identify…

Q: Discuss the disadvantages of activity-based costing.

A: Activity Based Costing: The approach of activity based costing keeps the record of resources usage…

Q: rovide another example of a cost center and explain why you choose that example.

A: Cost center is a department or function within an organization that does not directly add to profit…

Q: Explain the role of value engineering in target costing.

A: Value engineering’s main motive is to reduce the cost and to provide good quality products that will…

Q: how we can improve control function using standard costing

A: The technique of costing which is used for comparing the actual and standard costs and revenues to…

Q: Please explain the statement below (T/F) thoroughly with examples illustrating the answer.  "In…

A: in Activity-based costing many numbers of cost pools. In activity-based costing, a product margin…

Q: Discuss the disadvantages of Absorption Costing for cost control and performance evaluation.

A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…

Q: Discuss the concept of total cost management (TCM) model and its importance to BPO in identifying…

A: Total cost management (TCM) is a concept which aims at understanding the costs of an organization…

Q: omputerised cost

A: The computerized accounting system is an accounting data system that processes financial…

Q: Between Absorption Costing and Variable Costing method, which one do you think is more practical to…

A: Absorption costing considers fixed manufacturing overheads and variable overheads together to find…

Q: How is activity-based costing (ABC) different from traditional cost systems?

A: Cost accounting is a branch of accounting in which all costs are analysed and accumulated to…

Q: g helps in : Measuring effici

A: Standard costing is a perfect system of controlling the costs and measuring efficiency and its…

Q: Explain the features of cost management.

A: Cost management is a process of planning and controlling the costs of a business organisation. This…

Q: What are the key reasons for product cost differences between simple costing systems and ABC…

A: Simple costing method is a traditional costing method under which indirect costs are assigned to…

Q: How does standard costing improves the control function

A: The standard costing technique is the one that is used for making comparisons between the actual and…

Q: Activity-based costing does a better job of allocating

A: Activity-Based costing is a method of allocating overheads to products using activity rates…

Q: What is cost stickiness? Why do managers need to be aware of cost stickiness?

A:

Q: Define Cost Pool, Cost Object and Cost Driver

A: Cost accounting forms a part of managerial accounting method that is used for measurement of total…

Q: What is activity-based management? How is it different from activity-based costing?

A: Activity-based management: Activity-based management is the process of applying activity-based costs…

Q: Discuss the Top-to-Bottom and Bottom-to-Top approaches in Cost Estimating. Focus your discussion in…

A: Meaning: Top-to-Bottom approach: Top-to-Bottom approach is also called imposed style cost estimation…

Q: Is variable costing income statement applicable to service operations? If so, provide a hypothetical…

A: Absorption Costing The cost of absorption includes allocating to COGS all of the direct costs…

Q: rovide a detailed description of the decision-making process i

A: Decision-making process: Decision making can be defined as the process of making choices through the…

Q: What is standard cost ? Explain four purposes of standard costing.    NB: This concept should be in…

A: Solution:- Standard cost means as follows under:-

Q: Discuss the basic difference between absorption costing and variable costing from a product-costing…

A: It is a technique of costing wherein: All variable manufacturing costs ( like direct material,…

Q: explain the importance of cost behavior

A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…

Q: Explain and illustrate a hybrid costing system

A: Hybrid costing system is that costing system which has components of both process costing and job…

Q: Explain briefly the issues with Activity Based Costing

A: Activity based costing is a costing system in which indirect costs which are also known as overhead…

Q: How Absorption and Variable Costing, Budgeting and Responsibility Accounting are connected?

A: Answer: Absorption and Variable Costing, Budgeting and Responsibility Accounting  There is…

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.