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Cost Accounting vs Management Accounting
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Cost Accounting vs Management Accounting

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Questions and Answers

What is the primary focus of Cost Accounting?

  • Preparing financial statements for external reporting
  • Analyzing the profitability of the entire business
  • Determining the cost of producing goods or services within an organization (correct)
  • Forecasting future sales and revenue
  • Which of the following is NOT a part of the scope of Cost Accounting?

  • Preparing Income Statements (correct)
  • Cost Ascertainment
  • Cost Control
  • Cost Reporting
  • Which of the following is an example of Cost Control in Cost Accounting?

  • Preparing budgeting reports for management
  • Analyzing the profitability of different departments
  • Identifying areas of wastage in production and taking corrective actions (correct)
  • Determining the cost per unit of a product
  • What is the primary difference between Cost Accounting and Financial Accounting?

    <p>Cost Accounting focuses on internal reporting, while Financial Accounting focuses on external reporting</p> Signup and view all the answers

    Which of the following is an example of Cost Analysis in Cost Accounting?

    <p>Analyzing the profitability of different product lines or departments</p> Signup and view all the answers

    Which of the following is NOT a primary function of management accounting?

    <p>Preparing financial statements for external reporting</p> Signup and view all the answers

    In the context of management accounting, what is the primary purpose of performance evaluation?

    <p>To assess the efficiency and effectiveness of operations</p> Signup and view all the answers

    Which of the following is an example of how management accounting supports decision-making?

    <p>Evaluating the potential return on investment for a new product line</p> Signup and view all the answers

    What is the primary focus of management accounting in relation to strategic planning?

    <p>Providing financial insights and analysis to support long-term strategies</p> Signup and view all the answers

    Which of the following best describes the nature of management accounting?

    <p>Forward-looking and focused on providing information for managerial decision-making</p> Signup and view all the answers

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