COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It only affects whether or not you can process a cost adjustment.
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Transactions with a transaction date after the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is later than the transaction date.
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Transactions with a transaction date after the cost cutoff date will not be processed. These transactions will never be processed in any subsequent cost processor run.
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Transactions with a transaction date before the cost cutoff date will not be processed until the cost cutoff date is changed to a date that is before the transaction date.
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Detailed explanation-1: -The cost cutoff date sets the last transaction date processed for an accounting period. This enables you to continue normal business operations with no interruptions from one period to the next, using the cost cutoff date to define accounting period boundaries for these transactions.
Detailed explanation-2: -Answer: The correct choice is option B: cost accounting is generally the subset of management accounting. Explanation: Generally, cost accounting refers to the subset or subdivision of management accounting.
Detailed explanation-3: -Assisting Shareholders in decision making is not an objective of Cost Accounting.
Detailed explanation-4: -The main objective of cost accounting is to ascertain the cost of goods and services.