Cost management midterm exam

  • What are the steps of cost management system?

    The Four Steps in Project Cost Management.
    While cost management is viewed as a continuous process, it helps to split the function into four steps: resource planning, estimation, budgeting and control..

  • The role of a cost and management accounting system is to: • Provide relevant information to management for decision making, • Assist management for planning, measurement, evaluation and controlling of business activities, • Help in allocation of cost to products and inventories for both external and internal users.

What is process management & cost management?

In other words, it’s the process management uses to analyse its production and streamline its operations to keep costs low and manage expenses in the future. ● Strategic Cost Management (SCM) – the cost management technique that aims at reducing costs while strengthening the position of the business.

,

What is the difference between conformance costs and Total Quality Costs?

c.
Nonconformance costs to net sales equaled 19.84% in year 1. d.
Conformance cost to net sales equaled 8.17% in year 2.
The ratio that is disclosed on the given information. costs.
Total quality costs include:

  • the conformance costs and rework
  • spoilage
  • warranties
  • .
    • ,

    What is the difference between cost accounting and cost management?

    Cost accounting is cost accumulation and allocation to determine cost values. ● Cost management provides information to the members of the management for decision-making purposes.
    Let’s take a look at the Kicker Inc.’s Organizational chart to study the function of a management accountant in an organization.

    ,

    What is the Quality Cost Index based on direct cost?

    Based upon these cost data, the quality cost index. a.
    Decrease 4 points for May to June. b.
    Was unchanged from May to June. c.
    Increased 10 points from May to June.
    The quality cost index based on direct cost.
    The quality cost index (QCI) based on DL costs is total quality costs divided by DL costs. f34.


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