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Questions and Answers
What is the primary function of cost accounting?
What is the primary function of cost accounting?
- To compare costs with standard costs
- To track the cost of producing services
- To report measurements of the cost of manufacturing goods
- To provide detailed cost information for management decision-making (correct)
Which is considered a subset of managerial accounting?
Which is considered a subset of managerial accounting?
- Standard accounting
- Cost accounting (correct)
- Financial accounting
- Tax accounting
What type of information does cost accounting provide for management?
What type of information does cost accounting provide for management?
- General economic trends
- Detailed cost information (correct)
- Marketing strategies
- Customer feedback
What is the end goal of cost accounting?
What is the end goal of cost accounting?
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How is cost accounting commonly used in financial accounting?
How is cost accounting commonly used in financial accounting?
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Study Notes
Cost Accounting Overview
- The primary function of cost accounting is to determine the cost of a product or service.
Relationship with Managerial Accounting
- Cost accounting is a subset of managerial accounting.
Information Provision
- Cost accounting provides information for management on the costs associated with producing goods or services.
Goal of Cost Accounting
- The end goal of cost accounting is to provide relevant and accurate cost information for internal decision-making purposes.
Application in Financial Accounting
- Cost accounting is commonly used in financial accounting to value inventories and cost of goods sold.
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