Cost Accounting Basics Quiz
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Cost Accounting Basics Quiz

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@WarmRainbowObsidian

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Questions and Answers

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?

  • 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?

  • Tax accounting
  • Managerial accounting (correct)
  • Auditing
  • Financial accounting

    • What does cost accounting track?

    <p>The cost of manufacturing goods and performing services</p> Signup and view all the answers

    What is the end goal of cost accounting?

    <p>To optimize business practices and processes</p> Signup and view all the answers

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