Major Classifications of Accounting Activity Would Not Include

question 10

Multiple Choice

Major classifications of accounting activity would not include:

• A)financial accounting, internal auditing, public accounting.
• B)internal auditing, governmental accounting, managerial accounting.
• C)financial accounting, national accounting, cost accounting.
• D)auditing, income tax accounting, governmental accounting.

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Definitions:

Cost Control

Cost control involves the practice of identifying and reducing business expenses to increase profits, maintaining quality and efficiency in the process.

Overhead Costs

General business expenses not directly tied to producing a product or service, such as rent, utilities, and insurance.

Departmental Overhead Rate

A method for assigning overhead costs to products based on the specific department's expenses, facilitating more accurate product costing.

Production Volume

The total quantity of products or services produced within a specific period by a business.