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</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</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</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</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</p> Signup and view all the answers

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