Cost Accounting and Control Quiz (1)

What is the primary purpose of cost accounting?

• Financial forecasting

• Tax compliance

• Management decision-making

• External reporting

Which of the following is NOT a use of cost information?

• Preparing tax returns

• Evaluating marketing campaigns

• Choosing and implementing strategy

• Tracking operational efficiency

What does the value chain refer to?

• The process of financial reporting

• The sequence of activities transforming raw materials into final goods

• The analysis of market trends

• The method of cost allocation

Which of the following is a value-added activity?

• Storage

• Rework

• Assembly

• Excessive inspections

What is the role of cost accountants in research and development?

• Managing cash flow

• Generating new ideas

• Conducting market research

• Preparing financial statements

Which costing method is used for planning and decision-making?

• Activity-Based Costing (ABC)

• Standard Costing

• Process Costing

• Job Order Costing

What is the main focus of modern cost accounting?

• Tax compliance

• Historical cost analysis

• Internal management use

• External financial reporting

What is cost accumulation?

• Analyzing cost behavior

• Allocating costs to departments

• Collecting cost data

• Tracing costs to cost objects

What is the primary application of cost accounting systems?

• Employee performance evaluation

• Market analysis

• Tax preparation

• External reporting and compliance

Which of the following is a controllable cost?

• Direct materials

• Depreciation

• Utilities

• Rent