Explain the role of cost accounting as it relates to financial and managerial accounting

Q: What is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: Distinguish between a cost center, a profit center, and an investment center

A: Definition: Responsibility center: A department or unit of a corporation where the management…

Q: primary users of managerial accounting information

A: Accounting information is presented in the financial statement of the company. The financial…

Q: task order price system, explain the importance of unit cost

A: Task order price system is a system in which performance of tasks are priced based on the value of…

Q: What is the purpose of Classifying Costs for Financial Statement?

A: Cost Classifications helps the management in analysing the overall effect on the assets and…

Q: how does standard costing system helps managers to make decisions

A: Standard costing is said to be a practice where expenses for production process are estimated in…

Q: Distinguish between cost accounting and managerial accounting.

A:

Q: cost

A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…

Q: What is Job order cost accounting.  Compare it to Process cost accounting.

A: Cost accounting is a sort of accounting, the main objective of which is to ascertain the costs of…

Q: Describe the purpose of managerial accounting.

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

Q: What are the levels of operations performance?

A: There are three levels of operations performance is as follows: Societal level: Social activity is…

Q: How are cost of production reports used for controlling and improving operations?

A: Production cost report: A production cost report is a comprehensive report prepared for each…

Q: explain the importance of cost behavior

A: Cost behavior refers to any change in the behavior of cost due to change in the level of output or…

Q: Standard cost are used primarily for:  Estimating future costs. To produce financial statements for…

A: The main purpose of standard costs is to evaluate the effectiveness of managers who oversee the…