Labor costs that are not directly traceable to the product are part of factory overhead

Payment to workers directly involved in the production of goods/services

These include all cost of manufacturing such as depreciation, property taxes, utilities and insurances.

The importance of cost accounting to help businesses plan and decision making

There are no regulatory requirements for management accounting while there is one for financial accounting. Is the statement correct?

Scope of information for management accounting is historical while financial accounting is future oriented. Is the statement correct?

All the cost that be can traced to the product is called

The cost of producing product by business are called

The cost that change as the volume of production change

Cost for a person responsible in transforming the resources to product

According to CIMA, _____________ is define as The application of accounting and costing principles, methods and techniques in the ascertainment of costs and analysis of savings  and/or excesses as compared with previous experience or standards.

According to CIMA, _____________ is define as The application of professional knowledge and skill  in the preparation and presentation of accounting  information in such a way as to assist management  in the formulation of policies, and in planning and  control of operations of the undertaking.

The art of classifying, recording, summarizing transactions and business events in monetary terms and interpreting the result to interested parties (users) enables them to make decisions.

For management accounting, the report frequency is whenever is it requested while financial accounting has a well-defined schedule

Direct cost is also known as overhead

An example of period cost is the salary of administrative employees