COST ACCOUNTING
COST MANAGEMENT SYSTEMS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Cost management has evolved from a focus on measurement to one of identifying those measures that are critical to the organization’s success. Given this new focus, indicate which one of the following types of cost management systems cost managers are likely to be striving for.
|
|
Basic transaction reporting systems
|
|
|
A system that focuses on reliable financial reports
|
|
|
A system in which strategically relevant cost management information is an integral part
|
|
|
A system that tracks key operating data and develops accurate cost information
|
Explanation:
Detailed explanation-1: -Cost management typically focuses on generating savings and maximizing profits in the longer term.
Detailed explanation-2: -Which of the following is the correct sequence in which cost management information is developed and used? (The intent and the business context of the act) is correct.
Detailed explanation-3: -Is regulated by the Securities and Exchange Commission (SEC). Cost management systems tend to focus on an organization’s: machines.
There is 1 question to complete.