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Please help me answer these question. What are Cost Objects? Discuss four examples of cost objects from 'Real Life' features in 'Cost Classifications: different classifications
Please help me answer these question.
- What are Cost Objects? Discuss four examples of cost objects from 'Real Life' features in 'Cost Classifications: different classifications for different purposes', 'Costs across the value chain' and the two features in 'Product Costs' to explain why managers might be interested in knowing their costs.
- In explaining cost behavior, we refer to the level of activity as a cost driver. What do we mean by level of activity and why is it a cost driver? What role do cost drivers play in identifying cost behavior patterns?
- Describe how a hospital, such as Zen's Medical Centre, might use job costing concepts?
- List five types of products for which process costing would be an appropriate product costing system. What is the key characteristic of these products that makes process costing a good choice?
- Explain the term reciprocal services and give examples of the reciprocal services offered by support department in a university, such as Fiji National University.
- At a recent professional meeting, two accountants discussed product-costing problems in their respective companies. Both accountants are familiar with ABC systems but neither of their firms utilizes this method. Accountant A reported that part of the problem in product costing in his firm is that there are major differences between product lines as to the volume of units, utilization of various activities, quality assurance requirements established by customers, and size of the products. Accountant B noted that in her firm, which produces consumer products, all products undergo the same basic production processes and in the same sequence, but in an increasing variety of colors and packaging modes. Both accountants are worried about the potential distortion of product costs under their conventional product costing systems. Which accountant should be more concerned about the potential distortion?
- How do standards help in controlling production costs?
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