Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the primary function of cost accounting?
What is the primary function of cost accounting?
- To manage employee salaries and benefits
- To advise management on optimizing business practices based on cost efficiency and capability (correct)
- To track the company's stock market performance
- To provide detailed financial reports for external stakeholders
When did modern cost accounting originate?
When did modern cost accounting originate?
- During the industrial revolution (correct)
- In the early 20th century
- In ancient civilizations
- During the Renaissance period
What is the end goal of cost accounting?
What is the end goal of cost accounting?
- To advise management on how to optimize business practices and processes based on cost efficiency and capability (correct)
- To maximize profits for shareholders
- To ensure compliance with labor laws
- To minimize tax liabilities
How does cost accounting contribute to financial accounting?
How does cost accounting contribute to financial accounting?
Signup and view all the answers
What is the role of cost accounting in controlling operations?
What is the role of cost accounting in controlling operations?
Signup and view all the answers
