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Cost Accounting and Control

Showing 1-75 of 102 answers

All of the following are examples of product costs except:
  • depreciation on the company's retail outlets Correct
External parties and management uses product cost information for:
  • investment decision and, planning and controlling Correct
Generally speaking, cost accounting can be defined as a
  • Internal reporting system that provides product costing and other information used by managers in performing their functions Correct
Manufacturing overhead includes:
  • all manufacturing costs except direct labor and direct materials Correct
Overriding criteria of financial accounting
  • Must conform with Generally Accepted Accounting Principles (GAAP) Correct
Overriding criteria of managerial accounting
  • Does not conform with GAAP as long as it is relevant to management decision making and complies with standards set by the management Correct
Prime costs consist of:
  • direct labor and direct materials Correct
Purpose of information of financial accounting
  • Conveys financial information to investors, banks, government regulatory agencies and other outside parties Correct
Purpose of information of managerial accounting
  • Helps managers to make decisions to fulfill an organization's objectives Correct
Purpose of informationof managerial accounting
  • Helps managers to make decisions to fulfill an organization's objectives Correct
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