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Questions and Answers
What is the primary function of cost accounting?
What is the primary function of cost accounting?
- To report measurements of the cost of manufacturing goods
- To track business operations for financial accounting purposes
- To provide detailed cost information for managerial decision-making (correct)
- To advise management on marketing strategies
Which of the following is a key goal of cost accounting?
Which of the following is a key goal of cost accounting?
- Facilitating decision-making for financial accounting
- Recording and reporting measurements of the cost of manufacturing goods
- Advising management on optimizing business practices (correct)
- Comparing costs with standard costs
What does cost accounting provide to management?
What does cost accounting provide to management?
- Standard cost comparisons for financial accounting purposes
- Detailed cost information for controlling current operations and planning for the future (correct)
- Methods for recognizing and classifying costs
- Aggregate measurements of manufacturing costs
How is cost accounting related to financial accounting?
How is cost accounting related to financial accounting?
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What is the end goal of cost accounting?
What is the end goal of cost accounting?
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Study Notes
Cost Accounting Overview
- Primary function of cost accounting: to determine the cost of products or services and provide a basis for managerial decisions
Goals of Cost Accounting
- Key goal: to provide accurate and timely cost information to support managerial decision-making
Cost Accounting and Management
- Provides management with cost information to make informed decisions on pricing, budgeting, and performance evaluation
Relationship with Financial Accounting
- Cost accounting is closely related to financial accounting, but focuses on internal reporting for managerial decisions, whereas financial accounting focuses on external reporting for stakeholders
End Goal of Cost Accounting
- Ultimate goal: to enhance profitability and competitiveness by optimizing costs and improving operational efficiency
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