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Cost Accounting Activity

Authored by NICOLE TRINIDAD

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University

Used 5+ times

Cost Accounting Activity
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Which of the following is correct?

Cost incurred in one year are always meaningful in the following year

Different cost concepts and classifications are used for different purposes

All organization incur the same type of costs

the word "cost" has the same meaning in all situation in which it is used

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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One major difference between financial and management accounting is that

financial accounting reports are prepared primarily for users external to the company

Management accounting is not under the jurisdiction of the securities and exchange commission

Government regulations do not apply to management accounting

all of the given answers are true

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the cost of a manufactured product consist of which of the following cost?

Direct materials cost and Factory overhead cost

Direct labor cost and factory overhead cost

Direct materials and direct labor

Direct materials, direct labor and factory overhead

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial Accounting

is primarily concerned with internal reporting

is more concerned with verifiable, historical information than cost accounting

Focuses on the parts of the organization rather than the whole

is specifically directed at management decisions making needs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Cost accounting is drected towards the needs of

regulatory agencies

external users

internal users

stockholders

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Broadly speaking cost accounting can be defined as an

External reporting system that is based on activity based on costs

Systems used for providing the government and creditors with information about a company's internal operation

Internal reporting system that provides product costing and other information used by managers in performing their functions

Internal reporting system needed by manufacturers to be in compliance with cost accounting standards board and pronouncements

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Which of the following is incorrect

A primary purpose of cost accounting is to determine valuations needed for external financial statements

A primary purpose of management accounting is to provide information to managers

The act of converting production inputs into finished products or services necessitates cost accounting

Two primary hallmarks of cost and management accounting are standardization of procedures and use of generally accepted accounting principles

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