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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
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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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