Cost accounting

What is the primary objective of cost accounting?

• Maximize shareholder value

• Determine the cost of production

• Analyze market trends

• Comply with tax regulations

Which of the following is a common method used in cost accounting to allocate overhead?

• FIFO

• Weighted Average

• Activity-Based Costing (ABC)

• Last-in, First-out (LIFO)

What is a key difference in the auditing standards between Canada and Uzbekistan?

• Canada follows CAS, Uzbekistan follows ISA

• Uzbekistan follows CAS, Canada follows ISA

• Canada follows CAS, Uzbekistan follows local standards based on ISA

• Both countries follow entirely different auditing standards

What is a fixed cost in cost accounting?

• A cost that changes with production level

• A one-time cost for equipment

• A cost that remains constant regardless of production

• A cost that fluctuates with labor hours

In Canada, which body oversees the audits of public companies?

• National Auditors Chamber

• Ministry of Finance

• Canadian Public Accountability Board (CPAB)

• Chartered Professional Accountants (CPA Canada)

What term refers to the cost of direct materials, direct labor, and manufacturing overhead in cost accounting?

• Total cost

• Prime cost

• Conversion cost

• Product cost

Which cost is associated with changes in production volume in cost accounting?

• Fixed cost

• Variable cost

• Sunk cost

• Overhead cost

Which of the following best describes Canada’s auditing profession?

• Highly regulated with strong technological integration

• Dominated by state-run firms

• Mainly controlled by local companies

• Lacking independent regulatory bodies

What is the major difference in cost accounting between a service-based and product-based business?

• Service-based businesses don't use cost accounting

• Service-based businesses focus on tracking time rather than materials

• Service-based businesses have no overhead costs

• Product-based businesses have no direct labor costs

Which organization sets the auditing standards in Uzbekistan?

• International Auditors Union

• Uzbekistan Ministry of Finance

• National Association of Certified Auditors

• zbekistan Public Accountability Board