Introduction to Cost Accounting Quiz

Play an AI-generated podcast conversation about this lesson

What do managers use cost accounting information for?

Make decisions about research and development, production planning, budgeting, pricing, and the products or services to offer customers (correct)

Calculate and manage the cost of products

Monitor the marketplace to determine the prices customers are willing to pay

Understand how revenues and costs behave

What helps managers calculate a target cost for a product?

Monitoring the marketplace for customer price preferences

Management accounting information (correct)

Continuous pressure to reduce the cost of products

Understanding activities that cause costs to arise

What do companies face continuous pressure to reduce?

The cost of the products they sell (correct)

The number of products they sell

The quality of the products they sell

The marketing expenses for their products

What is used to calculate and manage the cost of products?

Understanding the activities that cause costs to arise Signup and view all the answers

What do customers want companies to use to deliver ever-improving levels of performance?

Value chain and supply chain Signup and view all the answers

Managers use cost accounting information to make decisions about human resources and marketing.

False Signup and view all the answers

Cost accounting is only important for large companies, not small businesses.

False Signup and view all the answers

The value chain and supply chain are not important factors for companies to consider in delivering performance.

False Signup and view all the answers

Managers must understand the activities that cause costs to arise in order to calculate and manage the cost of products.

True Signup and view all the answers

Cost and efficiency are not key factors that customers want companies to focus on.

False Signup and view all the answers

Introduction to Cost Accounting Quiz

Podcast Beta

Questions and Answers

What do managers use cost accounting information for?

What helps managers calculate a target cost for a product?

What do companies face continuous pressure to reduce?

What is used to calculate and manage the cost of products?

What do customers want companies to use to deliver ever-improving levels of performance?

Managers use cost accounting information to make decisions about human resources and marketing.

Cost accounting is only important for large companies, not small businesses.

The value chain and supply chain are not important factors for companies to consider in delivering performance.

Managers must understand the activities that cause costs to arise in order to calculate and manage the cost of products.

Cost and efficiency are not key factors that customers want companies to focus on.

More Quizzes Like This

Business Law and Cost Accounting Study Quiz for NBAA Foundation Level

Introduction to Cost Accounting

Introduction to Cost Accounting Quiz

Cost Terminology in Business Accounting

Upgrade to continue