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Questions and Answers
Which of the following is a key objective of cost accounting?
Which of the following is a key objective of cost accounting?
- Minimizing expenses
- Maximizing profits
- Forecasting market demand
- Determining the cost of products or services (correct)
What is the primary focus of cost accounting?
What is the primary focus of cost accounting?
- Sales forecasting
- Cost behavior and analysis (correct)
- Financial statement preparation
- Risk management
Which of the following is a characteristic of job order costing in cost accounting?
Which of the following is a characteristic of job order costing in cost accounting?
- Customized products or services (correct)
- Standardized costing system
- Continuous production process
- Mass production
Study Notes
Key Objectives of Cost Accounting
- Determining the cost of products or services to guide managerial decisions
Primary Focus of Cost Accounting
- Identifying, classifying, and reporting costs to achieve organizational goals and maximize profitability
Characteristics of Job Order Costing
- Assigning costs to specific jobs, projects, or batches of products
- Tracking costs incurred on individual jobs or projects to determine total cost and profit
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Description
Test your knowledge of cost accounting with this quiz! Explore key objectives, primary focus, and characteristics of job order costing in cost accounting. Sharpen your understanding of cost accounting concepts and principles.
