📝 One-liners · 66 cards
COST ACCOUNTING QUES
What is cost accounting primarily concerned with?
Cost accounting is concerned with the recording, classification, and analysis of costs incurred in producing goods or services to aid management in planning and control decisions.
What is the formula for calculating total cost in cost accounting?
Total cost equals prime cost plus factory overhead plus administration overhead.
How does cost accounting differ from financial accounting?
Cost accounting focuses on internal cost analysis for management decision-making, while financial accounting records financial transactions for external reporting to stakeholders as per statutory requirements.
What is 'idle time cost' and how does it affect production cost?
Idle time cost is wages paid for non-productive hours, increasing overhead.
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