Cost Accounting Principles and Methods Quiz

To classify and allocate costs for comparison with standard costs

To track cost information for financial accounting purposes

To report measurements of the cost of manufacturing goods and performing services

To advise management on optimizing business practices based on cost efficiency (correct)

To report detailed cost information for financial accounting purposes

To track the cost of manufacturing goods and performing services

To advise the management on how to optimize business practices and processes (correct)

To compare costs with standard costs

It is unrelated to managerial accounting

It is used primarily for financial accounting purposes

It is often considered a subset of managerial accounting (correct)

It is a separate discipline from managerial accounting

<p>Detailed cost information to control current operations and plan for the future</p> Signup and view all the answers

<p>It is commonly used, but its primary function is for use by managers to facilitate decision-making</p> Signup and view all the answers