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Questions and Answers
Which one of the following best defines cost accounting?
Which one of the following best defines cost accounting?
- A systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services (correct)
- A subset of financial accounting used primarily for tax purposes
- A method for recognizing, classifying, and reporting financial costs in detail
- A practice used by managers to optimize business practices and processes
What is the primary function of cost accounting?
What is the primary function of cost accounting?
- To facilitate decision-making for managers (correct)
- To optimize business practices and processes
- To track the financial costs of a business
- To advise management on cost efficiency and capability
Which type of accounting often uses cost accounting information?
Which type of accounting often uses cost accounting information?
- Tax accounting
- Managerial accounting (correct)
- Auditing
- Financial accounting
What does cost accounting track?
What does cost accounting track?
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What is the end goal of cost accounting?
What is the end goal of cost accounting?
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