Cost accounting practice problems

  • What is cost accounting as a practice?

    Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.
    Cost accounting is not GAAP-compliant, and can only be used for internal purposes..

7. Cost Accounting Problems on Incentive Schemes (2 Problems): Problem 1: A worker takes 12 hours to complete a work on daily wages and 8 hours on a scheme of 

How can I test my knowledge about cost accounting?

Test the knowledge you've gained regarding cost accounting by means of an interactive and printable practice quiz.
These questions can be accessed..

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What is not a cost accounting practice?

The determination of the amount paid or a change in the amount paid for a unit of goods and services is not a cost accounting practice.
Examples of cost accounting practices which involve measurement of costs are - (1) The use of either historical cost, market value, or present value; .


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