Podcast
Questions and Answers
What is the main focus of cost accounting?
What is the main focus of cost accounting?
What does cost accounting measure and report?
What does cost accounting measure and report?
What does cost accounting identify, define, measure, and analyze?
What does cost accounting identify, define, measure, and analyze?
What does cost accounting focus on preparing in good form for a manufacturing concern?
What does cost accounting focus on preparing in good form for a manufacturing concern?
Signup and view all the answers
What type of firms does cost accounting compare the flow of costs for?
What type of firms does cost accounting compare the flow of costs for?
Signup and view all the answers
What is the main focus of cost accounting?
What is the main focus of cost accounting?
Signup and view all the answers
What does cost accounting measure and report?
What does cost accounting measure and report?
Signup and view all the answers
What does cost accounting identify, define, measure, and analyze?
What does cost accounting identify, define, measure, and analyze?
Signup and view all the answers
In what form does cost accounting prepare the cost of goods manufactured and sold for a manufacturing concern?
In what form does cost accounting prepare the cost of goods manufactured and sold for a manufacturing concern?
Signup and view all the answers
What does cost accounting compare/distinguish in terms of income statement for service, trading, and manufacturing firms?
What does cost accounting compare/distinguish in terms of income statement for service, trading, and manufacturing firms?
Signup and view all the answers
Study Notes
Cost Accounting Overview
- The main focus of cost accounting is to determine the cost of goods manufactured and sold.
- Cost accounting measures and reports the costs of products, services, or activities.
Cost Analysis
- Cost accounting identifies, defines, measures, and analyzes the costs of business operations.
- It identifies and classifies costs as direct or indirect, fixed or variable, and controllable or uncontrollable.
Manufacturing Concerns
- Cost accounting prepares the cost of goods manufactured and sold in a manufacturing concern in a comprehensive and detailed form.
- It prepares the cost of goods manufactured and sold report, which includes the costs of direct materials, direct labor, and overhead.
Comparison of Firms
- Cost accounting compares the flow of costs for manufacturing, service, and trading firms.
- It distinguishes between the costs of these firms in terms of income statement, highlighting the differences in cost structures and profit margins.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of cost concepts and classifications with this quiz. Learn about the relationship between financial and cost accounting, different cost classifications, flow of costs in service, trading, and manufacturing firms, actual vs. normal costing methods, and separating variable and fixed components of mixed costs. This quiz will also cover preparing cost of goods manufactured.
