Cost Accounting Reviewer 1 Accountancy Cost Accounting And Controlо Cost accounting and control – reviewer. chapter 1: introduction to cost accounting. accounting. it is the process of recording financial. transactions pertaining to a business. the accounting process includes summarizing, analyzing, and reporting these transactions to. oversight agencies, regulators, and tax. collection entities. For investment and credit decisions complies with gaap (e., based on accounting standard, product cost is the sum of the costs incurred within the factory to make one unit of product) internal parties planning, controlling, decision making and evaluating performance (e., determining the selling price of a product, meeting competition, bidding.
Cost Accounting Reviewer Cost Accounting Reviewer Cost Amo Cost accounting and control. lesson 1: introduction to cost accounting. cost accounting. branch of accounting dealing with the process of recording and summarizing the amount of cost spent on the company’s activities. includes all costs: processes, products or services provided, used, and sold. “magkano?”. During march, prime cost added to. production was: a. p140,000 b. p138,000. account balances balances after applied. factory overhead control p1,000 cr. cost of goods sold 980,000 dr. finished goods, and cost of goods sold. Cost accounting – the branch of accounting that serves as a bridge between financial and managerial accounting deals with the process of recording and summarizing the amount of cost that is spent on the company’s activities provides the detailed cost data that management needs to control current operations and plan for the future. Reviewer in cost accounting and control. statement i. direct labor is labor that is. traceable to the goods being produced. statement ii. management accounting. provides information needed by investors **and creditors in their decision making. *** a. only statement i is correct b. only statement ii is correct c. both statements are correct d.
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