6 Questions
What is cost accounting?
Cost accounting is a process of recording, classifying, analyzing, summarizing, and allocating costs to help management make informed business decisions.
Why is cost accounting important?
Cost accounting is important because it helps in cost control, pricing decisions, budgeting, and performance evaluation of an organization.
What are the main objectives of cost accounting?
The main objectives of cost accounting are to ascertain cost, control cost, and to provide necessary cost information for decision-making and performance evaluation.
What is a cost sheet?
A cost sheet is a statement which shows various components of total cost for a product or service.
What is the purpose of a cost sheet?
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.
How can a cost sheet be useful for a business?
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.
Test your knowledge of cost accounting with this quiz. Learn about the fundamentals of cost accounting, its importance in business, and the main objectives it aims to achieve.
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