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AE-CO1 Cost Accounting Chapter 1 Quiz

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Questions and Answers

What is the primary purpose of modern cost accounting according to the text?

To create marketing campaigns

To generate financial statements for external reporting

To help managers make informed decisions within the organization (correct)

To develop new products

How does cost accounting contribute to value creation in organizations?

By providing information for planning new products and evaluating marketing campaigns (correct)

By focusing solely on reducing costs

By preparing financial statements for stakeholders

By solely being a part of financial accounting

What is one of the key roles of a cost accountant in an organization?

Developing financial forecasts

Providing cost-related information for decision-making (correct)

Assisting in choosing the best strategy for the organization

Implementation of marketing strategies

How does cost accounting relate to financial and management accounting?

Cost accounting plays a role in both financial and management accounting processes Signup and view all the answers

What is the primary purpose of a costing system mentioned in the text?

Allocating indirect costs to cost objects Signup and view all the answers

How does cost management differ from traditional accounting?

Cost management uses cost information actively Signup and view all the answers

What additional techniques have been included in the Scope of Cost Accounting as per the text?

Use of mathematical and statistical techniques in cost analysis Signup and view all the answers

Why are managers becoming increasingly aware of the importance of cost management?

To actively seek ways to reduce costs Signup and view all the answers

What is a key benefit of using just-in-time (JIT) methods in production?

Minimizing inventories to reduce costs Signup and view all the answers

How does cost accounting information benefit marketing managers according to the text?

Helping them target profitable customer groups Signup and view all the answers

What does outsourcing refer to in the context of cost accounting in distribution?

Transferring select activities to other firms for cost efficiency Signup and view all the answers

How do advances in accounting information systems contribute to customer relationship management (CRM)?

Allowing firms to assess costs and revenues for each customer Signup and view all the answers