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What is the primary purpose of cost accounting?
What is the primary purpose of cost accounting?
- To provide information for decision making and cost control (correct)
- To calculate profits and losses
- To manage human resources effectively
- To forecast market trends
Which cost is NOT typically included in the total manufacturing cost?
Which cost is NOT typically included in the total manufacturing cost?
- Direct materials cost
- Variable selling expenses (correct)
- Direct labor cost
- Factory overhead cost
What is the main difference between job costing and process costing?
What is the main difference between job costing and process costing?
- Job costing is used in industries like construction, while process costing is used in service industries.
- Job costing is used in continuous production processes, while process costing is used in customized production.
- Job costing assigns costs to each job, while process costing averages costs over a period. (correct)
- Job costing is only used for direct materials, while process costing includes all costs.
What is the main focus of cost accounting?
What is the main focus of cost accounting?
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Which method of costing is used when products are identical and are produced in a continuous sequence?
Which method of costing is used when products are identical and are produced in a continuous sequence?
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What is the purpose of calculating the predetermined overhead rate in cost accounting?
What is the purpose of calculating the predetermined overhead rate in cost accounting?
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What is the difference between job costing and process costing?
What is the difference between job costing and process costing?
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What is the primary purpose of cost accounting?
What is the primary purpose of cost accounting?
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What is the purpose of calculating the predetermined overhead rate in cost accounting?
What is the purpose of calculating the predetermined overhead rate in cost accounting?
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