Cost Accounting Concepts Quiz
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Questions and Answers

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?

  • Traditional Cost Accounting
  • Factory Cost Analysis
  • Futuristic Cost Accounting (correct)
  • Profit and Loss Analysis

    • 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?

    <p>Loss incurred</p> Signup and view all the answers

    Why is the analysis of factory costs important according to the text?

    <p>To identify areas for cost reduction and profit increase</p> Signup and view all the answers

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