Question: Costs estimations and cost predictions are two terms often used as management accountant that must master when estimating costs functions. Briefly differentiate between cost estimation

Costs estimations and cost predictions are two terms often used as management accountant that must master when estimating costs functions. Briefly differentiate between ‘cost estimation’ and ‘cost predictions.

Step by Step Solution

★★★★★

3.48 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 Cost estimation is the process of forecasting the fu... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

a) A separately excited DC motor which is used in the EuRAIL system is fed from a three-phase six-pulse fully controlled bridge converter. The motor develops its full load torque at a rated speed of...

Base on the parameters given, students are to design a model of the boost converter using a simulation software Project Title MODELING AND SIMULATION OF DC/DC BOOST CONVERTER Introduction In many...

A beam of uniform rectangular cross section is to be cut from a log having a circular cross section of diameter 2a. The beam has to be used as a cantilever beam (the length is fixed) to carry a...

DMZ (Demilitarized Zone) and Port Forwarding are two terms often used when dealing with internet security. Discuss the key differences between DMZ and Port Forwarding. When do we need DMZ vs. when do...

How do i respond to this discussion post? Logistics and Supply chain are two terms often heard together more often than alone. This is because they have a lot of similarities in what they mean. They...

Could i get help with question 43. I know the answer need to know how you get there. University of Connecticut School of Business Managerial Accounting 2101 Exam 2 Fall 15 -W November 2, 2015...

Dirt Bikes Management Asked Briefing Involved Making Decision Need Understand Several Things Dirt Bikes management has asked for a briefing on what is involved in making this decision. They need to...

Custom Brand Bakeries, Inc. (CBBI), located in Erie, Pennsylvania, bakes a variety of products for various parties on a contract basis. For example, a food company may contract with CBBI to make...

We discussed in the text that the market failure that emerges in the presence of externalities can equally well be viewed as a failure of markets to exist, and we discussed the related idea that...

Multiculturalism" and "cultural competence" are two terms that are very commonly encountered when discussing issues pertaining to race and ethnicity; however, there is another term, perhaps less...

Describe value-added time and give several examples.

Sum is 10. An experiment consists of rolling two fair dice and adding the dots on the two sides facing up. Using the sample space shown in Figure 2 and assuming each simple event is as likely as any...

Adones borrows $ 3 3 , 0 0 0 to be repaid over 1 4 years at 1 1 percent. Repayment of principal in the frst year is Use Acornoli, D to calculate the answer Note: Round your intermediete calculations...

Using no more than five slides, at least two of which include a chart or graphic to illustrate your observations, prepare a presentation for your fellow students at the annual Pay It Forward...

Suppose that we represent the graph G = (V, E) as an adjacency matrix. Give a simple implementation of Prims algorithm for this case that runs in O(V 2 ) time.

A particle of rest energy 140 MeV moves at a sufficiently high speed that its total relativistic energy is 280 MeV. How fast is it traveling?

Mr. Brabham borrowed $7500 at 6% compounded monthly. He agreed to repay the loan in equal monthly payments over four years. (a) What is the size of the monthly payment? (b) How much of the 20th...

Sydney Incorporated has 75,000 shares of $2 cumulative preferred shares outstanding as well as 110,000 common shares. There are no dividends in arrears on the preferred shares. The following...

ai Which of the following statements best compares how women are Reading depicted in Selection 1 and Selection 2? Read the two selections. Then, choose the best answer to each O A. while the story...

Costs estimations and cost predictions are two terms often used as management accountant that must master when estimating costs functions. Briefly differentiate between cost estimation and cost...

The rise of data sciences and artificial intelligence means that data has become the modern currency. From this perspective, the data management systems are essential to the working of modern...

To be solved by DKetan. Using Chapter 7 of your text as a reference, define a standard cost and explain what constitutes the components of a standard cost. Describe the advantages and disadvantages...

A sample of 3 measurements are taken and recorded: x = 10, y = 5 and z = 8 The sample mean is: Fill in the table below. ar |ar -x | x+y+z = 7.67 3 8 Ex: 5.34 Y Ex: 5.34 Z Ex: 5.34 Mean absolute...

Discussion Board 4 Production Economics and Decisions...

Complete Accounting Problems 1. Wesley Hospital installs a new parking lot. The paving cost $30,000 and the lights to illuminate the new parking area cost $15,000. Which of the following statements...