Management accounting is a subset of cost accounting. Cost accounting is a subset of both management and financial accounting. A primary purpose of cost accounting is to determine valuations needed for external financial statements

Q: Which of the following is the best definition of product costs? a. Product costs are those costs…

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product…

Q: Manufacturing Accounting is different from Financial Accounting...what is the  nature and purpose of…

A: Departmental accounting is system of bookkeeping where the transactions of all the departments…

Q: Cost assignment and cost accumulation are the two cost accounting system processes that helps…

A: Costing is the method of recording, all cost incurred in process of completing product project and…

Q: A responsibility accounting system utilizes and assigns costs on the basis of their a.…

A: With the use of a responsibility accounting system, performance and accountability may be evaluated…

Q: Cost accounting is an accounting process that measures all of the costs associated with production,…

A: Cost accounting is the process of calculating a company's total cost of production by considering…

Q: First: Activity-based management seeks to eliminate waste by allocating costs to products that waste…

A: Solution: First statement is false as "Activity-based management does not seeks to eliminate waste…

Q: How does computerised accounting system could help to improvise better reporting  sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: True or False Cost and managerial accounting are not the same things

A: Cost accounting is the process of accounting and controlling the cost of a product,operation or…

Q: How the system of cost accounting has overcome the limitations of financial accounting. Explain it…

A: Cost Accounting -: Cost accounting is a procedure of administrative accounting that aims to…

Q: Classification of final goods in management accounting pesperctive.

A: In management accounting, final products refer to the goods or services that have completed the…

Q: A cost management system provides ________. A) measures of inventory value and cost of goods sold…

A: Management accounting refers to the provision of the financial as well as non- financial decision…

Q: Absorption costing is intended for Select one: O a. None of the above O b. Outside distribution or…

A: Absorption Costing:-It refers to the method of costing to account for all the costs of…

Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

Q: is commonly suggested that a management accounting system should be capable of supplying different…

A: Solution-                                                              Costs , their purpose and…

Q: Cost assignment and cost accumulation

A: Cost assignment is a process used in cost accounting system to allocate costs among products,…

Q: The type of accounting that is related to cost ascertainment and control is: a. Cost accounting b.…

A: Financial accounting helps in preparation and presentation of financial statements Taxation…

Q: What is the difference between a financial accounting information system and a cost management…

A: Financial accounting and Cost accounting are two different systems in accounting, which are used for…

Q: Direct cost is the cost incurred by the organization while performing their core business activity…

A: Lets understand the basics. Cost are dividend into two parts which are, (1) Direct cost (2) Indirect…

Q: Comprehend and Apply the elements of costing to the process environment.

A: Process Costing is used for industries involving continuous production of goods having same…

Q: There is a relationship between cost accounting, financial accounting, and management accounting.…

A: Financial and management accounting are two of the most important branches of accounting. They are…

Q: Cost-volume-profit analysis (CVP Analysis) requires management to classify all costs as either…

A: Cost volume profit analysis (CVP Analysis) helps the business entity in determining the impact on…

Q: Costing systems and investment centres are two types of business segments that are entirely…

A: The excess of revenues over expenses is defined as the net profits of the organization. he cost of…

Q: Discuss the difficulties associated with manual cost accounting and how the organization may improve…

A: Various difficulties associated with manual cost accounting system are as under : a.) Manual entry…

Q: how the aborption costing method and the activity based costing method impact business oganizations

A: Absorption costing and activity-based costing (ABC) are two methods of determining the cost of…

Q: How cost accounting is useful where financial accounting could not be answered. Give any exampleto…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: TRUE OR FALSE Generally accepted accounting principles (GAAP) requires that absorption costing be…

A: Under absorption costing, the fixed costs are included on the basis of number of units sold. Under…

Q: Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners…

A: Solution: "Reporting to owners"  is not a function of Cost Accounting. This is because the functions…

Q: Of the following processes, which is chiefly concerned with products and services that have not yet…

A: Cost Accounting -Recording, analyzing, and reporting expenses to management are all part of cost…

Q: c) Why do the Total Cost Method and the Cost of Sales Method lead to the same Operating Result?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Product costs are the: Group of answer choices Non-manufacturing costs that are expensed in the…

A: The objective of the question is to identify the correct definition of product costs in the context…

Q: What is the similarities and defference between cost accontant, management accountant and fanincial…

A: Cost accountant deals with ascertainment, allocation, recording and analysis of accounting data. It…

Q: 1.) Explain one difference between manufacturing and merchandising business. 2.) Why is it that…

A: Solution:- 1) Explanation of one difference between manufacturing and merchandising business as…

Q: 1. Planning is a function that involves ? 2. Product costs are costs that are a neccessary and…

A: Hi! There are two questions given, but we are entitled to solve only one question at a time so I…

Q: Which of the following is not a reason for banks to use activity-based costing? a.to determine…

A: Activity based costing (ABC): Under activity based costing method, the activities responsible for…

Q: How different in management accounting from cost accounting? Provide a brief commentary in two…

A: Definition: Accounting: Accounting is the process of recording, summarizing, and reporting all the…

Q: Why is it important in responsibility accounting to distinguish between segments and segment…

A:

Q: Consider the following statements concerning value chain analysis: 1. It recognises the total…

A: Value chain analysis is an analysis of the different business activities and processes that are…

Q: Describe the purpose of managerial accounting.

A: Managerial Accounting: Managerial Accounting is mainly concerned with internal users of the…

Q: Manufacturing companies are not required to allocate joint-process costs in the valuation of…

A: Joint-process costs refer to the combined costs incurred in a manufacturing process where two or…