Cost Accounting Updated Actual Questions And Correct Answers Complete Study Guide

COST ACCOUNTING UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
COMPLETE STUDY GUIDE

●● MANAGEMENT ACCOUNTING
Answer: Internal reporting that caters management needs and purposes


●● FINANCIAL ACCOUNTING
Answer: External reporting


●● COST ACCOUNTING GENERAL DEFINITION
Answer: is a system that records, summarizes, analyzes and interprets
details of the cost of materials, labor and overhead necessary to produce
and sell an article


●● COST ACCOUNTING RECENT DEFINITION
Answer: it is now refers to the gathering and providing of information
for decisions needs of all sorts, ranging from management of recurring
operations to the making of strategic decisions and the formulation of
major organizational policies.


●● COST ACCOUNTIING BRIEF DEFINITION

, Answer: refers to recording, classifying and reporting all costs aspects of
company performance during a particular period of time.


●● COST ACCOUNTING AS FINANCIAL ACCOUNTING
Answer: cost accounting is a management accounting, plus a small part
of financial accounting to the extent that its product costing function
satisfies the needs of external reporting.


●● TO REACH DECISIONS AND TO EVALUATE RESULTS
Answer: the ability to make specific and detailed identification and
measurement of cost elements permits management
______________________ with greater intelligence.


●● PURPOSE OF COST ACCOUNTING
Answer: to provide information about the costs of constructing,
manufacturing or selling goods or rendering various services based on
computed detailed data.


●● ESTIMATING AND BIDDING
Answer: a knowledge of the costs of doing business is needed to
estimate a job or to bid for jobs or contracts.


●● PLANNING