BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cost assignment
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cost tracing
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cost accumulation
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cost object
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Detailed explanation-1: -Collection of cost data, according to accounting system in an organized way is classified as cost accumulation. Cost accumulation involves the use of a formal cost accounting system to collect cost information.
Detailed explanation-2: -Cost Accumulation: The process of accumulating, measuring, analyzing, and reporting cost information useful to both internal and external groups concerned with the way an organization accounts for and controls its resources to meet its objectives.
Detailed explanation-3: -Cost accumulation is the collection of cost data in some organized way by means of an accounting system.
Detailed explanation-4: -Explanation: Cost accumulation is the organized collection of accounting data that makes it easier to analyze and record.
Detailed explanation-5: -(12) Cost accumulation system means a system for the accumulation of service company costs on a job, project, or functional basis. It includes schedules and worksheets used to account for charges billed to single and groups of associate and non-associate companies.