Uses of Cost Accounting Data in Decision Making
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Questions and Answers

What is one of the main uses of cost accounting data according to the text?

  • Determining product costs and profitability (correct)
  • Conducting market research
  • Analyzing consumer behavior
  • Forecasting industry trends

How does cost accounting data assist management in decision-making regarding product pricing?

  • By predicting future market demand
  • By assessing the financial health of the company
  • By determining the production costs of the product (correct)
  • By analyzing competitors' pricing strategies

In the value chain of an organization, what is the role of marketing?

  • Researching and developing new products
  • Managing distribution channels
  • Designing products and services
  • Engaging with customers to promote products (correct)

Which business function in the value chain focuses on improving existing products or introducing new ones?

<p>Research and Development (D)</p> Signup and view all the answers

How does cost accounting data contribute to operations planning in an organization?

<p>By analyzing costs of materials and labor (C)</p> Signup and view all the answers

What is the significance of customer service in the business industry according to the text?

<p>It directly impacts customer satisfaction (B)</p> Signup and view all the answers

Based on the information provided, which function is crucial for satisfying customers' needs?

<p>Design of products, services, and processes (D)</p> Signup and view all the answers

How does cost accounting data support management in controlling operations?

<p>By helping to make decisions based on costs (A)</p> Signup and view all the answers

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