Cost accounting: Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen. To determine: The difference between cost accounting and a cost accounting system.

Question

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Answer 1

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

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Answer 2

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

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Answer 3

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

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Answer 4

Question

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

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Answer 5

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Answer 6

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

Answer 7

Chapter 20, Problem 1Q

(a)

To determine

Cost accounting:

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

To determine: The difference between cost accounting and a cost accounting system.

Answer 8

(a)

Expert Solution

Explanation of Solution

The difference between cost accounting and a cost accounting system is explained as below.

Cost accounting is the process of collecting, summarizing and then evaluating each and every alternative course of action that can be undertaken in order to produce a product. The alternative with the most efficient results would be chosen.

Cost accounting system is a branch of managerial accounting that is concerned with the accumulation of all the costs that have been incurred in the production of a product and the using such information for decision making purposes.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Conclusion

Hence, the difference between cost accounting and a cost accounting system is explained as above.

Answer 13

(b)

To determine

The important feature of a cost accounting system.

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.

Conclusion

Hence, the most important feature of a cost accounting system is stated as above.

Answer 14

(b)

To determine

The important feature of a cost accounting system.

Answer 15

(b)

Expert Solution

Explanation of Solution

The important feature of a cost accounting system is stated as below.

The most important and the most crucial feature of the system is the use of perpetual inventory system. Perpetual inventory system is the system that records the sale as well as the purchase of inventory in the near real time. The system provides the highest details on the changes that are made in the inventory.