Which of the following characteristics applies to process costing but not to job order cost accounting?

Equivalent units of production. More test answers on https://studyhippo.com/accy-202-chapter-16-review-56861/

chapter 11 Which of the following is incorrect about a standard cost accounting system?

It reports only favorable variances. More test answers on https://studyhippo.com/accounting-202-1112-14/

Which system is the standard cost accounting system for the MHS, containing Tri-Service financial, personnel, and workload data from reporting medical and dental treatment facilities?

Medical Expense and Performance Reporting System (MEPRS). More test answers on https://studyhippo.com/cdc-4a051-health-services-management-journeyman-volume-1/

Which of the following are two main types of cost accounting systems for manufacturing operations?

job order and process cost More test answers on https://studyhippo.com/accounting-16-18/

Which is the best description of traditional cost accounting?

The general ledger and subsidiary accounts and related records, etc., used to accumulate the costs of goods or services provided by an entity. More test answers on https://studyhippo.com/cost-managerial-accounting-chapter-1-2-56547/

Which of the following key activities is NOT performed by operations managers? a. Purchasing b. Cost accounting c. Service encounter design d. Forecasting

Cost accounting More test answers on https://studyhippo.com/essay-isqs-3344-burns-texas-tech-exam-1-ch-1-2-3-5-7-15-16/

The purpose of a cost accounting system is to determine the accuracy of the financial statements. measure, record, and report product costs. determine how much each customer will be billed for shipping on purchases. determine taxes to be paid.

measure, record, and report product costs. Feedback: The purpose of a cost accounting system is to measure, record, and report product costs. More test answers on https://studyhippo.com/accounting-chapter-17-job-order-costing/

Which of the following is least likely to be an objective of a cost accounting system?

Sales commission determination. A cost accounting system has internal and external reporting objectives. These include product costing; assessment of departmental efficiency; inventory valuation; income determination; and planning, evaluating, and controlling operations. More test answers on https://studyhippo.com/cost-managerial-accounting-chapter-1-2-56547/

New corporate managers pioneered which system to track expenses and revenues in the late nineteenth century? Select one: A. Line-by-line bookkeeping B. The management revolution C. Balanced spending D. Cost accounting

D. Cost accounting More test answers on https://studyhippo.com/ch-17-popquiz-5407/

Managers’ activities and responsibilities can be classified into three broad functions: cost accounting, budgeting, and internal control.

false –> planning, directing, and controlling More test answers on https://studyhippo.com/managerial-accounting-chapter-14-17-56779/

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Cost Accounting Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Cost Accounting and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Cost Accounting and get quick solutions for your test.

What is Cost Accounting?

Cost Accounting is a type of accounting that focuses on recording and analyzing the cost of producing goods or providing services. Cost accounting helps companies to identify areas where they can reduce costs and improve profits by providing information about the efficiency of production processes and product pricing. It takes into account all the expenses associated with producing a product, including labor, materials, overhead costs, shipping, taxes, and so on. This information can then be used to determine how much money should be allocated for each component part of a process or product in order to make it as profitable as possible.Cost accounting also provides important analysis for decision-making purposes. It can help companies determine which products are most profitable and which are not; it can help them decide whether to outsource certain products or services; it can provide guidance on pricing strategies; and it can identify areas for improvement in production processes that could lead to increased profits. The analysis provided by cost accounting is essential for any business looking to stay competitive in today’s market.Cost accounting is an important tool that allows businesses to track their expenses over time so they can make more informed decisions about their operations. By understanding where money is being spent, businesses can implement better strategies that will result in greater profits over time. Additionally, cost accounting allows businesses to compare prices with competitors’ prices so they know whether they are competitively priced or not. By using cost accounting methods effectively, businesses will be able to maximize their profitability while ensuring customer satisfaction with their products or services.

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