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Questions and Answers
What is the focus of traditional Cost Accounting?
What is the focus of traditional Cost Accounting?
- Comparing profit and loss
- Determining costs already incurred (correct)
- Analyzing factory costs
- Estimating future costs
Which type of cost accounting is most useful for decision-making and budgeting?
Which type of cost accounting is most useful for decision-making and budgeting?
- Traditional Cost Accounting
- Factory Cost Analysis
- Futuristic Cost Accounting (correct)
- Profit and Loss Analysis
How is profit calculated in cost accounting?
How is profit calculated in cost accounting?
- Revenue multiplied by expenses
- Revenue divided by expenses
- Revenue minus expenses (correct)
- Revenue plus expenses
What does a negative profit indicate in cost accounting?
What does a negative profit indicate in cost accounting?
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Why is the analysis of factory costs important according to the text?
Why is the analysis of factory costs important according to the text?
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