COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Receipt costs; costs include adjustments.
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Payables invoices; invoice price variance can be added to item cost.
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Requisition costs; validated costs can be used.
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Purchase order costs; item catalog costs can be used.
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Receivables invoices; actual cost can be used.
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Detailed explanation-1: -The Four Steps in Project Cost Management. While cost management is viewed as a continuous process, it helps to split the function into four steps: resource planning, estimation, budgeting and control.
Detailed explanation-2: -Plan Cost Management is the process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled. The key benefit of this process is that it provides guidance and direction on how the project costs will be managed throughout the project.
Detailed explanation-3: -Project Cost Management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
Detailed explanation-4: -Cost management is the process of planning and controlling the costs associated with running a business. It includes collecting, analyzing and reporting cost information to more effectively budget, forecast and monitor costs.