Questions and Answers
What is the difference between Cost Accounting, Financial Accounting, and Management Accounting?
Cost Accounting focuses on historical financial data, while Management Accounting focuses on future-oriented information
What is the primary objective of Cost and Management Accounting?
To help in decision making and control functions within the organization
What is the function of the Cost Accounting Department in an organization?
To analyze, record, and report cost information
What are the methods used to segregate semi-variable costs into fixed and variable costs?
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What is the concept of cost reduction and cost control mainly focused on?
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What does the term 'Digital Costing System' refer to?
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What is the main focus of Cost Leadership as described in Porter's theory of Generic Competitive Strategies?
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According to CIMA, what is the foundation of the internal financial information system for managers?
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What does Cost Accounting involve according to the definition provided?
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How is Cost Accountancy defined?
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What is the main objective of Management Accounting according to CIMA Official Terminology?
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What is the definition of Costing according to CIMA?
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What is Cost defined as according to the text?
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What is included in the process of Cost Accounting according to the text?
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What is Management Accounting according to CIMA Official Terminology?
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What is Cost Accountancy according to the text?
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