Question

cost accounting systems are used to: a. accumulate production and period costs and assign them to products or services. b. accumulate period cost and assign them to products or services. c. accumulate production costs and assign them to raw materials inventory. d. accumulate production costs and assign them to products or services.

Answer 1

Cost accounting systems are used to Accumulate period cost and assign them to products or services.

Cost accounting systems are useful in both manufacturing and service industries. This system is used to determine product costs, or the total cost of a product, which includes overhead, materials, and labour. According to a number of variables, including worker hours, machine hours, and other considerations, period costs are given to items.

Cost accounting, according to the Terminology of Cost Accounting, is the process of accounting for costs from the point at which expenditure is spent or committed through the development of its final relationship with cost centres and cost units (England).

The purpose and role of cost accounting

These are the primary goals or duties of cost accounting:

• ​Determination of costs

• Estimated costs

• A breakdown of costs

• Cost reduction and cost control

• Decision-making, control, and preparation

• Pricing fixation for sales

• Calculating the projected profit or loss for each activity.

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