Cost accounting and control test bank

  • What is cost accounting in banking?

    Likewise in a bank, the cost of units of service must be found, to the same end.
    In manufacturing, each customer's order must bear its own proportion of expense, and in banking each customer's account should bear its pro rata share of the cost of operation..

  • Cost Accountancy professionals are required to collect and analyse financial reports and information from various departments in the company.
    The course is taught in three stages- CMA Foundation, CMA Intermediate and CMA Final.
    Students must pass the qualifying examination of each exam before pursuing the next.

Are internal measurement and reporting based on costbenefit analysis?

Answer:

  • FALSE 30) For management accounting
  • internal measurement and reporting are based on costbenefit analysis.
    Answer:TRUE 31) An Enterprise Resource Planning (ERP) System is a single database that collects data and feeds into applications that support each of the business activities, such as:purchases, production, distribution, and sales.
    • ,

    Can a copy of the cost management edition be resold?

    Cost management This edition is intended for use outside of the U.S. only, with content that may be different from the U.S.
    Edition.
    This may not be resold, copied, or distributed without the prior consent of the publisher. 25.
    Services differ from tangible products in which of the following dimensions? 26.

    ,

    What is cost accounting?

    Answer:

  • FALSE 27) Cost accounting measures and reports financial
  • and non financial information.
    Answer:TRUE 28) Cost accounting is the process of measuring, analyzing, and reporting financial and nonfinancial information related to the costs of acquiring or using resources in an organization.
    • ,

    What is the difference between tracing direct costs and assigning indirect costs?

    Answer:

  • TRUEDiff:
  • 3Terms:
  • cost objectObjective:
  • 2AACSB:
  • Analytical skills Assigning direct costs poses more problems than assigning indirect costs.
    Answer:FALSEExplanation:Tracing direct costs is quite straightforward, whereas assigning indirect costs to a numberof different cost objects can be very challenging.

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