Cost Accounting Systems Are Used ________

question 152

Multiple Choice

Cost accounting systems are used ________.

• A) to accumulate product cost information
• B) to accumulate and assign period costs to products
• C) by manufacturing companies, not service companies
• D) by stockholders for decision-making purposes

Comprehend the establishment, replenishment, and adjustment of petty cash funds.

Grasp the concept and importance of a voucher system in accounting.

Recognize the purpose and handling of petty cash accounts.

Appreciate the role of internal controls in ensuring the success and security of a business.

---

Definitions:

Saving and Investment

The act of setting aside income for future use and the use of those savings for purchasing capital goods or financial assets.

Productivity of Labor

The measure of output per worker or per hour worked, indicating how effectively labor inputs are converted into goods or services.

Labor Supply

The total number of people available to work, either already employed or actively looking for work.

Urban Congestion

The excessive crowding and traffic in urban areas, leading to increased pollution, travel time, and stress.