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explain the terms - cost object and activitiescost object it is an item for which cost measurement is required for example a product or a
determine cost pool and cost driverscost pool it is another name given to a cost centre and therefore an activity cost centre may also be termed
explain the categories of the activity cost driversthe activity cost drivers can broadly be classified into following three categories1 transaction
what is traditional costing in traditional costing overheads are first related to cost centers production and service centres and then to cost object
what are the factors which led to the development of abc1 traditional costing fails to capture cause and effect relationship2 traditional costing
advantages of activity based costing1 it helps understanding the behavior of overhead costs and their relations ship to products services customers
disadvantages of activity based costing 1 it is essentially not the panacea for all ills2 it absorbs a lot of resources3 too much emphasis on
stages in activity based costingthe different stages in activity based costing are listed below and are shown in figure below1 identification of the
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activity based costing versus traditional costingfollowing are the main differences between activity based costing system and traditional costing
abc system and service organizationsthe abc system has been taken up as applied to a manufacturing organizations with the same efficiency one basic
abmactivity based managementabm system is primary source of information for am as a part of abm identify value added and non-value added activity and
life cycle costing introductionlife cycle costing as its name implies costs the cost object ie product project etc over its projected life it is used
product life cycleevery product has a life cycle the life cycle of a product vary from months to various years for example in the case of cameras
characteristics of product life cyclethe major characteristics of life-cycle concept are as follows1 the products have finite live and pass by the
phases of product life cycle the life cycle of a product having of four phases viz introduction growth maturity decline during introduction phase a
various stages of product life cycletypically the life cycle of a manufactured product will consist of the following stages1 market research before
features of product life cycle costing product life cycle costing is important due to the following features1 product life cycle costing involves
product life cycle costingit is an approach used to give a long term picture of product line profitability feedback on the effectiveness of life
benefit of product life cycle costingthe benefits of product life cycle costing are summarized as follows1 the product life cycle costing results in
q principles of banking and financean introduction to the principles of banking and finance it covers a broad variety of topics using an economic
q change in accounting method for inventoryoccasionally companies vary inventory methods in spite of the principle of consistency improved financial
q inventories and revenue recognitionmanagement make a decision which inventory costing method or methods lifo fifo and so on to use as well
q in between fifo and lifo which one is the correct methodthe differences for the four methods take place because the company paid different prices
q show advantages and disadvantages of weighted-averageadvantages and disadvantages of weighted-average when a company utilizes the weighted average