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Problem With Solution on Overheads Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Problem With Solution on Overheads Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the common problems associated with overhead costs in cost accounting? |  |
Ans. Common problems associated with overhead costs in cost accounting include allocation inaccuracies, difficulty in determining the appropriate overhead rate, and challenges in controlling and reducing overhead expenses.
| 2. How can overhead costs impact a company's profitability? | |
Ans. High overhead costs can reduce a company's profitability by inflating the cost of goods sold, leading to higher prices for customers. This can result in decreased sales volume and lower overall profits.
| 3. What are some effective solutions for managing overhead costs in cost accounting? | |
Ans. Effective solutions for managing overhead costs include implementing activity-based costing, conducting regular overhead cost reviews, identifying and eliminating non-value added activities, and investing in technology to streamline operations.
| 4. How can companies improve their overhead cost allocation methods? | |
Ans. Companies can improve their overhead cost allocation methods by using multiple cost drivers, conducting frequent cost driver analysis, and ensuring that overhead costs are allocated based on the actual usage of resources.
| 5. How can companies determine if their overhead costs are reasonable and competitive in the market? | |
Ans. Companies can determine if their overhead costs are reasonable and competitive by benchmarking their overhead expenses against industry standards, conducting regular cost comparisons with competitors, and seeking feedback from customers on pricing and value perception.
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Nov 21, 2024 Last updated |
Video Description: Problem With Solution on Overheads for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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