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Cost Accounting Essentials Quiz

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Questions and Answers

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?

Direct materials cost

Variable selling expenses (correct)

Direct labor cost

Factory overhead cost

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?

Recording, analyzing, and allocating costs Signup and view all the answers

Which method of costing is used when products are identical and are produced in a continuous sequence?

Process costing Signup and view all the answers

What is the purpose of calculating the predetermined overhead rate in cost accounting?

To apply overhead to products or services based on a predetermined rate Signup and view all the answers

What is the difference between job costing and process costing?

Job costing assigns costs to each job, while process costing assigns costs to each process or department. Signup and view all the answers

What is the primary purpose of cost accounting?

To provide information for both management accounting and financial accounting. Signup and view all the answers

What is the purpose of calculating the predetermined overhead rate in cost accounting?

To apply overhead to products based on a predetermined rate rather than actual costs incurred. Signup and view all the answers

Cost Accounting Essentials Quiz

Choose a study mode

Podcast

Questions and Answers

What is the primary purpose of cost accounting?

Which cost is NOT typically included in the total manufacturing cost?

What is the main difference between job costing and process costing?

What is the main focus of cost accounting?

Which method of costing is used when products are identical and are produced in a continuous sequence?

What is the purpose of calculating the predetermined overhead rate in cost accounting?

What is the difference between job costing and process costing?

What is the primary purpose of cost accounting?

What is the purpose of calculating the predetermined overhead rate in cost accounting?

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