Purpose & Components of Cost Accounting

Instructions:

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

question 1 of 3

Why do companies use cost accounting systems?

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1. Who are the principal users of cost accounting information?

2. Who regulates a company's cost accounting systems?

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About This Quiz & Worksheet

This quiz/worksheet can help you assess your understanding of the systems, factors, and applications of cost accounting through questions that prompt you to recall what you've learned regarding its function within the financial world.

Quiz & Worksheet Goals

In these assessments you'll be tested on various aspects of cost accounting, including:

  • Position from which cost accounting is performed
  • Users of information from cost accounting
  • Regulation of cost accounting
  • Classification of costs
  • Differences between financial accounting and cost accounting

Skills Practiced

This quiz and worksheet allow students to assess the following:

  • Reading comprehension - ensure that you draw the most important information from the lesson regarding what constitutes cost accounting
  • Distinguishing differences - compare and contrast financial and cost accounting
  • Information recall - access the knowledge you've gained regarding the classification of costs and the regulation of cost accounting systems
  • Knowledge application - use your knowledge to identify users of cost accounting information

Additional Learning

You can extend your understanding of cost accounting by reviewing the accompanying lesson, Purpose & Components of Cost Accounting. This lesson contains the following objectives:

  • Define cost accounting
  • Familiarize yourself with various systems of cost accounting
  • Learn about the three basic cost elements
  • Understand the goal of cost accounting
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