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 (D)</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 (B)</p> Signup and view all the answers