6 Questions
Which of the following best describes cost accounting?
The process of determining the cost of producing a product or service
What is the main purpose of cost accounting?
To track and control expenses
Which of the following is an example of a cost that can be included in cost accounting?
Direct materials
Which of the following is NOT a primary objective of cost accounting?
Allocating overhead costs to products
What is the purpose of cost accounting?
To determine the cost of producing goods and services
Which of the following is an example of a direct cost in cost accounting?
Wages of production workers
Test your knowledge on basic cost accounting with this quiz! Discover the best definition of cost accounting, understand its main purpose, and identify examples of costs that are included in this essential accounting practice.
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