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Cost Accounting Fundamentals Quiz

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Questions and Answers

Which textbook is recommended for the Cost Accounting course?

Cost and Management Solutions by M N Arora (correct)

Accounting System (In Brainstorming Session Class Activity)

Cost Accounting 1 Course Code: BSAC2103

Accounting : Theory, Problems and ProQuest Resource

What is the definition of cost?

The amount of expenditure incurred or attributable to a given thing (correct)

The nature, objectives, and scope of cost accounting

The different classifications of cost

The basic concepts related to cost accounting

What are the learning outcomes of the Cost Accounting course?

Understand the basic concepts related to cost accounting

Familiarize between the different classifications of cost

Explain the concepts of cost objects, cost units, and cost centers

All of the above (correct)

What is the specialization of the Cost Accounting course?

Accounting and Finance Signup and view all the answers

Which term is defined as 'the techniques and processes of ascertaining costs' according to CIMA?

Costing Signup and view all the answers

What is the primary objective of cost accounting?

To ascertain costs Signup and view all the answers

According to CIMA, what does cost accounting encompass?

All of the above Signup and view all the answers

Which term is defined as 'the amount of expenditure (actual or notional) incurred or attributable to a given thing' according to CIMA?

Cost Signup and view all the answers

What are the main objectives of cost accounting?