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What is the goal of cost allocation

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Reference no: EM133238695

Gapenski's Healthcare Finance - An Introduction to Accounting and Financial Management, Seventh Edition, 

Questions

1. What are the primary differences between direct and indirect costs?

2. What is the goal of cost allocation?

3.

a. What are the three primary methods of cost allocation?

b. What are the differences among them?

4.

a. What is a cost pool?

b. What is a cost driver?

c. How is the cost allocation rate determined?

5. Under what circumstances should an overhead department be divided into multiple cost pools?

6. Effective cost drivers, and the resulting allocation system, must have what two important attributes?

7. Briefly describe (illustrate) the cost allocation process. (To keep things simple, use the direct method for your illustration.)

8. Which is the better cost driver for the costs of a hospital's financial services department: patient services department revenues or number of bills generated? Explain your rationale.

Reference no: EM133238695

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