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Questions and Answers
What is the main purpose of cost accounting?
What is the main purpose of cost accounting?
- To ascertain the cost of production on a per unit basis
- To determine the cost of production on a scientific basis
- To locate wastages, inefficiencies and other loopholes in the production processes
- To present relevant data to management for decision making (correct)
What are the primary qualities of useful accounting information?
What are the primary qualities of useful accounting information?
- Relevance and reliability (correct)
- Verifiability and representational faithfulness
- Predictive value and feedback value
- Timeliness and neutrality
What is an example of reliable information?
What is an example of reliable information?
- Verifiability
- Representational faithfulness (correct)
- Predictive value
- Timeliness
