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Questions and Answers
What is the purpose of cost assessment?
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?
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?
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?
What is the purpose of planning?
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What is the primary assumption made in the text about companies?
What is the primary assumption made in the text about companies?
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What is the main goal of the control process?
What is the main goal of the control process?
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Which of the following is NOT a function of cost accounting?
Which of the following is NOT a function of cost accounting?
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What is the purpose of reviewing the corporate plan?
What is the purpose of reviewing the corporate plan?
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What is the purpose of the control process?
What is the purpose of the control process?
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