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FUNDAMENTALS OF COST ACCOUNTING EXAMINATION TEST PAPER WITH COMPLETE SOLUTION AND REVIEW MATERIAL

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FUNDAMENTALS OF COST ACCOUNTING EXAMINATION TEST PAPER WITH COMPLETE SOLUTION AND REVIEW MATERIAL

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FUNDAMENTALS OF COST ACCOUNTING
EXAMINATION TEST PAPER WITH
COMPLETE SOLUTION AND REVIEW
MATERIAL

●● What are the main objectives of cost accounting?
Answer: 1. Cost determination, 2. Cost control, 3. Decision-making, 4.
Profit planning.


●● What is the difference between cost accounting and financial
accounting?
Answer: Cost accounting is mainly for internal management, while
financial accounting reports to external users.


●● What is a cost?
Answer: The amount spent to produce goods or services.


●● What are the three main elements of cost?
Answer: 1. Direct Materials, 2. Direct Labor, 3. Overhead (Indirect
Costs).


●● What are direct materials?

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