A Cost Management System Should Provide the Means to Develop

question 88

Multiple Choice

A cost management system should provide the means to develop

• A)the most accurate product or service costs.
• B)a reasonably accurate product or service cost given cost-benefit analysis.
• C)a product or service cost that does not include any non-value-added overhead.
• D)a costing system that traces all costs directly to individual products or services.

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Definitions:

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Usage of Trade

Usage of trade refers to the regular practices and methods that are commonly accepted and expected by parties in a particular industry.

Vocation

A person's employment or main occupation, especially regarded as worthy and requiring dedication.

Electronic Means

The use of electronic devices or systems, such as computers and the Internet, for communication or executing transactions.