Cost Accountants Are Responsible for Gathering and Monitoring Data Used

question 38

Multiple Choice

Cost accountants are responsible for gathering and monitoring data used for controlling the organization's costs.Cost accountants work in which value chain activity?

• A) Research and development
• B) Human resources
• C) Materials management
• D) Marketing and sales
• E) Company infrastructure

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Definitions:

Inventory Inspection Costs

Expenses associated with the verification and checking of goods in inventory for quality and quantity control.

Income Statement

A financial statement that shows a company’s revenues and expenses over a specific period, culminating in the net income or loss for the period.

FIFO Inventory Method

An inventory valuation method where the cost of the items purchased first is the first to be recognized in determining cost of goods sold.