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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?

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

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

Analyzing the profitability of different product lines or departments Signup and view all the answers

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

Preparing financial statements for external reporting Signup and view all the answers

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

To assess the efficiency and effectiveness of operations Signup and view all the answers

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

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

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

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

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

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