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Questions and Answers

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?

    <p>To define objectives and set up a budget</p> Signup and view all the answers

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

    <p>Companies wish to maximize the wealth of their shareholders.</p> Signup and view all the answers

    What is the main goal of the control process?

    <p>To ensure plans are being followed</p> Signup and view all the answers

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

    <p>Providing accounting information to managers</p> Signup and view all the answers

    What is the purpose of reviewing the corporate plan?

    <p>To assess achievability of objectives</p> Signup and view all the answers

    What is the purpose of the control process?

    <p>To address inefficiencies and take corrective action for deviations</p> Signup and view all the answers

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