Fundamentals of Cost Accounting Quiz

Cost accounting is a process of recording, classifying, analyzing, summarizing, and allocating costs to help management make informed business decisions.

Cost accounting is important because it helps in cost control, pricing decisions, budgeting, and performance evaluation of an organization.

The main objectives of cost accounting are to ascertain cost, control cost, and to provide necessary cost information for decision-making and performance evaluation.

<p>A cost sheet is a statement which shows various components of total cost for a product or service.</p> Signup and view all the answers

<p>The purpose of a cost sheet is to provide detailed information about the various costs involved in the production or provision of a product or service.</p> Signup and view all the answers

<p>A cost sheet can be useful for a business as it helps in cost control, pricing decisions, and evaluating the profitability of products or services.</p> Signup and view all the answers