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Cost Accounting Objectives and Processes Quiz

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Cost Accounting Objectives and Processes Quiz

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Questions and Answers

What is the objective of cost accounting?

To prepare financial statements

To track the cash flow within the organization

To calculate profit and loss

To ascertain the cost per unit of output (correct)

What is the primary focus of process costing?

Assigning costs to each production process (correct)

Tracking individual job costs

Calculating the overhead for each department

Determining the total cost of production

What is the purpose of a cost sheet?

To record sales transactions

To maintain inventory records

To analyze and summarize the cost of a product (correct)

To track the daily expenses of the organization

What is the main purpose of a cost sheet?

To calculate the total cost of production (A) Signup and view all the answers

In process costing, how are opening work-in-progress units treated?

They are included in the production process at their stage of completion (A) Signup and view all the answers

What is the main objective of cost accounting?

To allocate costs to cost objects (B) Signup and view all the answers

What is the formula for calculating equivalent units of production under the weighted average method?

Units completed and transferred out + Equivalent units in beginning inventory (A) Signup and view all the answers

What is the key characteristic of the FIFO method in process costing?

It assumes all units in beginning work-in-progress are completed first (A) Signup and view all the answers

What is the effect of using the weighted average method on smoothing out fluctuations in production costs?

It smooths out fluctuations by averaging costs over all units produced (A) Signup and view all the answers