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What type of company uses Job costing?
Manufacturing companies use job costing.
What companies would be more likely to use the specific identification inventory costing method?
walmart
What the characteristic of company that use ABC method?
Which of the following is a characteristic of ABC? a. Improved financial reporting b. aid to managers in determining product cost c. used in place of job or process costing d. use restricted to manufacturing entities Answer: b. aid to managers in determining product cost Reference: Chapter 8, Activity Based Costing, Managerial Accounting by Garrison
What companies use variable costing?
Variable costing is commonly used by companies in industries where production costs fluctuate significantly, such as manufacturing and retail. Companies like General Motors and Ford may utilize variable costing for internal decision-making and performance evaluation. Additionally, businesses in the food industry, like fast-food chains, often adopt this approach to assess product profitability and manage inventory costs effectively. Variable costing helps these companies analyze their contributions to fixed costs and overall profitability.
When to use marginal costing?
Marginal costing is the method of costing for evaluating the changes in total cost due to change in number of units produced.
What type of company uses Job costing?
Manufacturing companies use job costing.
What companies would be more likely to use the specific identification inventory costing method?
walmart
What is the fullform of ABC?
ABC stands for Activity Based Costing, which is an accounting system that assigns costs of specific activities to the products that use them rather than applying all overhead to every product equally.
What the characteristic of company that use ABC method?
Which of the following is a characteristic of ABC? a. Improved financial reporting b. aid to managers in determining product cost c. used in place of job or process costing d. use restricted to manufacturing entities Answer: b. aid to managers in determining product cost Reference: Chapter 8, Activity Based Costing, Managerial Accounting by Garrison
Should you use a comma before the word Corp in a company name?
In a company name such as "ABC Corp," do not use a comma. However, use a comma in the formulation, "ABC, Inc."
What companies use variable costing?
Variable costing is commonly used by companies in industries where production costs fluctuate significantly, such as manufacturing and retail. Companies like General Motors and Ford may utilize variable costing for internal decision-making and performance evaluation. Additionally, businesses in the food industry, like fast-food chains, often adopt this approach to assess product profitability and manage inventory costs effectively. Variable costing helps these companies analyze their contributions to fixed costs and overall profitability.
DO Many companies use variable costing for internal reporting to reduce the undesirable incentive to build up inventories?
T
What is activity based costing?
Activity Based Costing(ABC) Is a more recent approach to product costing ,pioneered by Professor Kaplan and Cooper . ABC is an attempt to reflect more accuratly in product costs those activities wich influence the level of support overheads includes such items as Inspection, Dispatch, Production Planing , Set up, tooling and similar costs. ABC system uses many drivers as absorption bases. Because of this , it claims that the use of ABC and several cost driver rates produces more realistic product or service cost specialy when the support costs are high.
If you were a candy manufacturer which costing system should you use full absorption costing or variable costing?
full absorption costing
What are the implications of a switch to activity based costing on pricing?
Many argue that ABC actually discourages improvement to operational strategies that encourage proper use of resources. It is implied that it may not be as cost effective as expected.
How widespread is the use of standard costing?
An Ernst and Young survey in 2003 found that 76 percent of U.S. manufacturing companies reported that they used standard costs.
How many different companies use the name Inova?
There are approximately nine companies using the name Inova. These companies use the name Inova usually as a pre-fix to what their company does (i.e. Inova Opticians).
