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The Role of Cost Accounting in Management

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What two terms are used to describe costs that may or may not vary with production volume?

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1. What is the accounting equation?

2. Which of the following principles refers to recording the expenses and revenues of a product during the same accounting period?

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About This Quiz & Worksheet

Some of the topics for which you will be responsible include knowing the two terms used to describe costs and identifying the accounting equation.

Quiz & Worksheet Goals

These study assessments will measure how well you know how to:

  • Recognize the principle that refers to recording expenses and revenues of a product in the same accounting period
  • Understand the difference between accounting and cost accounting
  • Determine the accounting formula which states Total sales - fixed costs - variable costs = $0

Skills Practiced

With these study tools you will practice the following skills:

  • Distinguishing differences - compare and contrast topics from the lesson, such as accounting and cost accounting
  • Information recall - access the knowledge you've gained regarding the accounting equation
  • Knowledge application - use your knowledge to answer questions about costs that may or may not vary with production volume

Additional Learning

The accompanying lesson will guide you in learning more about this subject. The lesson is named The Rule of Cost Accounting in Management. Once you've completed it, you will have learned the following objectives:

  • Understand expenses and revenue
  • Determine the purpose of an income statement
  • Explain direct and indirect costs
  • Recognize gross margin and breakeven formula
  • Identify some important perspectives with regard to accounting principles
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