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Question 2 Complete the following sentences by matching the definitions with the correct terms: square is an approach to control costs by trying continually to make cost savings from one time period to the next during the manufacturing and production stage of the product life cycle. square is a technique for relating overheads to specific production or provision of a service based on the fact that overheads do not just occur but are caused by activities (cost drivers) square a strategic management tool that integrates financial and non-financial measures of performance in a single concise report for the purpose of incorporating performance management within the strategic management process. square is the provision and analysis of management accounting data about a business and its competitors for the purpose of developing and monitoring the business strategies. square is the costing technique that relates to reporting all the costs that will be incurred during the entire life of a product or service. 10 pts

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Question 2
Complete the following sentences by matching the definitions with the correct terms:
square  is an approach to control costs by trying continually to make cost savings from one time period to the next during the
manufacturing and production stage of the product life cycle.
square  is a technique for relating overheads to specific production or provision of a service based on the fact that overheads do not
just occur but are caused by activities (cost drivers)
square  a strategic management tool that integrates financial and non-financial measures of performance in a single concise report for
the purpose of incorporating performance management within the strategic management process.
square  is the provision and analysis of management accounting data about a business and its competitors for the purpose of
developing and monitoring the business strategies.
square  is the costing technique that relates to reporting all the costs that will be incurred during the entire life of a product or service.
10 pts

Question 2 Complete the following sentences by matching the definitions with the correct terms: square is an approach to control costs by trying continually to make cost savings from one time period to the next during the manufacturing and production stage of the product life cycle. square is a technique for relating overheads to specific production or provision of a service based on the fact that overheads do not just occur but are caused by activities (cost drivers) square a strategic management tool that integrates financial and non-financial measures of performance in a single concise report for the purpose of incorporating performance management within the strategic management process. square is the provision and analysis of management accounting data about a business and its competitors for the purpose of developing and monitoring the business strategies. square is the costing technique that relates to reporting all the costs that will be incurred during the entire life of a product or service. 10 pts

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ArthurElite · Tutor for 8 years

Answer

<br />1. Continuous Improvement<br />2. Activity-Based Costing<br />3. Balanced Scorecard<br />4. Strategic Management Accounting<br />5. Life Cycle Costing

Explain

<br /><br />In managerial accounting, various techniques and approaches are used to monitor, control, and allocate costs efficiently:<br /><br />1. Continual control of costs to attain cost savings from one period to the next during production is known as Continuous Improvement. This approach ensures better operational efficiency and lower production costs, leading to better profitability.<br /><br />2. The method of associating overheads with specific product manufacturing or service based on their causality with specific activities (cost drivers), is referred to as Activity-Based Costing. It focuses on identifying and then allocating overhead to individual objects, leading to more accurate product costing.<br /><br />3. Integrating financial and non-financial performance metrics in a comprehensive report for better performance management is often achieved with a Balanced Scorecard. This strategic planning and management system allows organizations to balance financial measures with performance metrics related to a company’s strategic goals.<br /><br />4. When providing and analyzing management accounting data about a business and its competitors to shape and monitor business strategies it's called Strategic Management Accounting.<br /><br />5. The costing methodology which involves considering all costs associated with a product or record throughout its entire lifecycle is called Life Cycle Costing. It is useful in determining the total cost (production, operation, and decommissioning) of a product throughout its life, thereby supporting management decisions about product pricing, design, and development.
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