Answered: The main function of cost accounting is…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 4RQ

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Explain how the cost of resources is assigned to activities. What is meant by the phrase unbundling the general ledger accounts?
Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.
Describe the concept of responsibility accounting.
Define and explain the two major subsystems of the cost management information system.
Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAP
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
How does management determine the order in which support department costs are allocated under the sequential method?
Explain the components of the total cost equation and describe how each of the components can be used by management for decision-making.
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
Should a managerial accounting system provide both financial and nonfinancial information? Explain.
Internal costs that are charged to the segments of a business are called_______. A. controllable costs B. variable costs C. fixed costs D. allocated costs
What are organizational and operational activities? Organizational cost drivers? Operational cost drivers?

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The main function of cost accounting is _______ reporting a. Internal b. External c. Government d. Bank