Distinguish between the following terminologies as used in cost accounting:
i) Relevant range and relevant costs.
ii) Opportunity costs and discretionary costs.
iii) By-products and joint products.(Solved)
Distinguish between the following terminologies as used in cost accounting:
i) Relevant range and relevant costs.
ii) Opportunity costs and discretionary costs.
iii) By-products and joint products.
Date posted: February 15, 2019. Answers (1)
Distinguish between 'committed fixed costs' and 'discretionary fixed costs'.(Solved)
Distinguish between 'committed fixed costs' and 'discretionary fixed costs'.
Date posted: February 15, 2019. Answers (1)
Distinguish between the following sets of terms:
i) Direct labour cost and indirect labour cost.(Solved)
Distinguish between the following sets of terms:
i) Direct labour cost and indirect labour cost.
Date posted: February 15, 2019. Answers (1)
Explain the meaning of the following term in the context of cost accounting:
- Cost centre.(Solved)
Explain the meaning of the following term in the context of cost accounting:
- Cost centre.
Date posted: February 15, 2019. Answers (1)
Understanding of cost behavior patterns is important in making financial planning and cost
control decisions.
Required:
In relation to the above statement, describe three ways in which costs...(Solved)
Understanding of cost behavior patterns is important in making financial planning and cost
control decisions.
Required:
In relation to the above statement, describe three ways in which costs might be classified
according to behavior.
Date posted: February 15, 2019. Answers (1)
Afya Bora Health Centre has a capacity of 20 beds. The following information relates to the
centre's operations for the year ended 30 June 2014:(Solved)
Afya Bora Health Centre has a capacity of 20 beds. The following information relates to the
centre's operations for the year ended 30 June 2014:
Date posted: February 15, 2019. Answers (1)
Cost accounting is often described as the provision of information required by management for
specific purposes'
Required:
State six of these specific purposes.(Solved)
Cost accounting is often described as the provision of information required by management for
specific purposes'
Required:
State six of these specific purposes.
Date posted: February 15, 2019. Answers (1)
Daniel Mutiso, the Cost Accountant of Abra Ltd. feels that he is getting overworked and has
recommended that a management accountant be employed to take up...(Solved)
Daniel Mutiso, the Cost Accountant of Abra Ltd. feels that he is getting overworked and has
recommended that a management accountant be employed to take up other responsibilities in the
organization.
However, the management of the company equally argues that the work is the same and that a
decision to hire a management accountant is against their cost reduction policy.
Required:
In the light of the above statement, explain to the management three differences between management
accounting and cost accounting to help them make a fair decision.
Date posted: February 15, 2019. Answers (1)
Describe five ways in which cost accounting complements financial accounting in terms of
providing information to managers for better decision making.(Solved)
Describe five ways in which cost accounting complements financial accounting in terms of
providing information to managers for better decision making.
Date posted: February 15, 2019. Answers (1)
The success of an organisation in cost control and cost reduction depends largely on the
installation of an ideal cost accounting system which identifies, classifies and...(Solved)
The success of an organisation in cost control and cost reduction depends largely on the
installation of an ideal cost accounting system which identifies, classifies and records all costs
accurately and promptly.
Required;
With reference to the above statement, explain four conditions for an effective costing system.
Date posted: February 15, 2019. Answers (1)