Identify and discuss the four kinds of quality costs.

Q: Explain the difference between observable and hidden quality costs.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Classify the following activities as per their respective categories under quality cost or as per…

A: The value chain means the process or activities by which a company adds value to an article,…

Q: List at least two positive and two negative features of standard costing systems.

A: Standard Costing:   It is an accounting system that is used by organization to identify the…

Q: Identify the two types of costs that make upa product’s total cost.

A: Product costs are costs that are incurred to form a product that's supposed available to customers.…

Q: Explain the meaning of the cost of quality and the classification of the cost of quality

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: Distinguish between two methods of allocating common costs.

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

Q: costs and are allocated based on

A: Fixed costs allocated = 25% * Total costs 25% * $48000 = $12000

Q: Describe the various classifications of the cost of quality.   Pleaese provide atleast 1…

A: Cost of quality: Quality is concerned with conformance to specifications, ability to satisfy…

Q: Give the conclusion in the given cost of quality

A: In the given case the failure costs amount to 56% of total cost of quality ... These costs can be…

Q: List and explain four purposes of product costing.

A: Product costing: The process of assigning the production costs to all output of the organization is…

Q: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

Q: Define the two main types of quality expense and how they differ from one another.

A: Quality expense or quality cost do not imply the use of costly or high-quality products in the…

Q: Costs associated with the quality of conformance can be broken down into four broad groups. What are…

A: Quality of conformance refers to the ability of a product or a service to meet its customer…

Q: a) Classify each cost element as either fixed, variable, or mixed

A: Cost Accounting: Fixed Cost: The cost which constant for the year and there is no impact of any…

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: What are the three major ways in which activity-based costing improves the accuracy ofproduct costs?

A: Activity based costing is a system in which costs are allocated to the products on the basis of…

Q: How many cost pools are in an activity-based costing system?

A: Activity-Based Costing: Activity-Based Costing refers to the allocation of the factory overheads…

Q: What is costing system refinement? Describe three guidelines for refinement.

A: Broad averaging is also known as peanut butter cost is a costing approach of distributing the…

Q: Prepare a cost of quality report. Round

A: Quality is not always worth it, especially if it comes at very high cost or with excess buying…

Q: List three factors that are important in selecting cost drivers for an ABC system.

A: Cost driver: It is one of the measurements that help the company in tracing directly the number of…

Q: Three key cost components that is necessary to produce finished goods?

A: generally, to convert raw materials into finished goods there will be many processes involved and…

Q: How we can improve control function using standard costing

A: Standard costing is the process of reporting or showing differences between actual costs incurred…

Q: Explain the difference between a cost standard and an efficiency standard. Give an example of each.

A: Cost standard: This refers to the cost expected to be incurred for a given level of output.…

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 four components of target costing? Why areeach of these components important for target…

A:

Q: describe the basic objectives in the use of standard costs.

A: Standard costing indicates the process where the management estimates the required cost is advance…

Q: Produce a table of A-Design's different costs and classify them.

A: Cost classification is the classification which are made by the company so that in can be better…

Q: List three methods to measure cost behavior.

A:

Q: What are the three key features of cost management?

A: Cost management: Cost management is a type of management accounting that estimates expenses involved…

Q: What are the four steps to developing an activity-based costing system?

A: Activity-based costing (ABC):   Activity based costing (ABC) framework was created to manage the…

Q: Describe three criteria for evaluating cost functions and choosing cost drivers.

A: Cost Function:   Cost function represents the basic change comes in the total cost due to the change…

Q: List and describe the four components of the cost of qualityand provide examples of each.

A:

Q: What are the three main uses of quality cost reports?

A: The different cost associated with quality are Prevention cost, appraisal Cost, Internal Failure…

Q: What Is Total Cost Reporting?

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: Discuss five areas where the concept of cost behavior is applied

A: Management's endeavor to understand how operating expenses change in response to a change in an…

Q: What are the three common features of cost management?

A: Cost management:Cost management is a type of management accounting that estimates expenses involved…

Q: List four reasons for using standard costs.

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

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: Describe three guidelines for costing system refinement.?

A: Definition:   Cost system refinement: Cost system refinement associates the overhead cost of…

Q: List and define the four types of quality costs.

A: Definition:   Product costs: Product costs are the costs which are incurred in the production of the…