Cost accounting is a procedure of collecting, recording, classifying, analyzing, summarizing, allocating as well as assessing different alternative strategies & control of costs. Its goal is to suggest the monitoring on one of the most proper strategy based on the price performance and ability. Cost accounting provides the thorough price information that management needs to manage existing operations and prepare for the future.
Considering that managers are making decisions only for their very own organization, there is no need for the details to be comparable to comparable info from various other companies. Instead, details has to be relevant for a certain environment. Cost accounting details is generally used in financial accounting information, however its key feature is for use by facilitate making decisions. Click here for quiz on Management Accounting
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- Question 1 of 10
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Costing is a technique ofCorrectIncorrect
- Question 2 of 10
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Cost accounting has been developed because of ……… of financial accounting.CorrectIncorrect
- Question 3 of 10
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Cost accountancy is the science, art and ………. of cost accountant.CorrectIncorrect
- Question 4 of 10
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In automobile industry cost unit isCorrectIncorrect
- Question 5 of 10
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Cost unit in a college may beCorrectIncorrect
- Question 6 of 10
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………. costing is suitable for mines, quarries, cement works etc.CorrectIncorrect
- Question 7 of 10
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………is an extension of job costing.CorrectIncorrect
- Question 8 of 10
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When job is very big and spread over long periods of time the method of costing adopted isCorrectIncorrect
- Question 9 of 10
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Continuous costing is also calledCorrectIncorrect
- Question 10 of 10
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Cost accounting is based on ……… figures.CorrectIncorrect