Fundamentals of Cost Accounting Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

Flashcards

What is cost accounting?

Cost accounting involves tracking, classifying, analyzing, and allocating costs to help managers make smart decisions.

Why is cost accounting important?

It helps control spending, set prices, create budgets, and measure how well the company is performing.

What are the main objectives of cost accounting?

The main goals are to figure out the cost of something, keep costs under control, and provide financial information for decision-making and performance review.

What is a cost sheet?

A cost sheet is a document that shows all the costs that go into making a product or providing a service.

Signup and view all the flashcards

What is the purpose of a cost sheet?

The purpose of a cost sheet is to give detailed information about all the costs associated with producing a product or service.

Signup and view all the flashcards

How can a cost sheet be useful for a business?

A cost sheet can be helpful for businesses because it can help with managing costs, making pricing decisions, and figuring out the profitability of their products or services.

Signup and view all the flashcards