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Questions and Answers
Which of the following is the correct definition of cost?
Which of the following is the correct definition of cost?
- The amount of expenditure incurred or attributable to a given thing (correct)
- The amount of investment made in a given thing
- The amount of revenue generated from a given thing
- The amount of profit generated from a given thing
What is the purpose of cost accounting?
What is the purpose of cost accounting?
- To determine the amount of profit generated
- To manage the investment made
- To provide cost information for management decision making (correct)
- To track the revenue generated
Which of the following is NOT a learning outcome of the Cost Accounting course?
Which of the following is NOT a learning outcome of the Cost Accounting course?
- Understanding the basic concepts related to cost accounting
- Analyzing financial statements (correct)
- Explaining the concepts of cost objects, cost units, and cost centers
- Familiarizing between the different classifications of cost
What is the recommended textbook for the Cost Accounting course?
What is the recommended textbook for the Cost Accounting course?
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What is the difference between costing and cost accounting?
What is the difference between costing and cost accounting?
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