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What is the purpose of cost assessment?

To assess future costs and revenues

To modify the corporate plan as necessary

To ensure plans are being followed

To evaluate profitability and pricing (correct)

What is the main difference between cost accounting and management accounting?

Cost accounting is used to achieve the organization's overall objective, while management accounting is not.

Management accounting is part of cost accounting, while cost accounting is not part of management accounting.

Cost accounting is concerned with the provision and use of accounting information, while management accounting provides data for the management accountant to use

Cost accounting provides data for the management accountant to use, while management accounting is concerned with the provision and use of accounting information. (correct)

What is the purpose of cost assessment?

To set up a budget

To ensure plan adherence

To assess future costs and revenues

To evaluate profitability and pricing (correct)

What is the purpose of planning?

To define objectives and set up a budget Signup and view all the answers

What is the primary assumption made in the text about companies?

Companies wish to maximize the wealth of their shareholders. Signup and view all the answers

What is the main goal of the control process?

To ensure plans are being followed Signup and view all the answers

Which of the following is NOT a function of cost accounting?

Providing accounting information to managers Signup and view all the answers

What is the purpose of reviewing the corporate plan?

To assess achievability of objectives Signup and view all the answers

What is the purpose of the control process?

To address inefficiencies and take corrective action for deviations Signup and view all the answers

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Questions and Answers

What is the purpose of cost assessment?

What is the main difference between cost accounting and management accounting?

What is the purpose of cost assessment?

What is the purpose of planning?

What is the primary assumption made in the text about companies?

What is the main goal of the control process?

Which of the following is NOT a function of cost accounting?

What is the purpose of reviewing the corporate plan?

What is the purpose of the control process?

Study Notes

Studying That Suits You

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