Cost Accounting Essentials Quiz

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To provide information for decision making and cost control (correct)

To calculate profits and losses

To manage human resources effectively

To forecast market trends

Direct materials cost

Variable selling expenses (correct)

Direct labor cost

Factory overhead cost

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.

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

Process costing Signup and view all the answers

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

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

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

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

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