ACCT 302: Cost Accounting! A True And False Quiz!

6 Questions | Total Attempts: 186

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ACCT 302: Cost Accounting! A True And False Quiz! - Quiz

What we have here is an ACCT 302 quiz on cost accounting. For a business to generate income, it has to either sell goods or offer services, but this also means it has to use some money too by obtaining resources. See how well you understand the role of cost accounting when it comes to managing the finances of a business and its resources through this quiz. Good luck!


Questions and Answers
  • 1. 
    A cost object is anything for which a cost measurement is desired. 
    • A. 

      True

    • B. 

      False

  • 2. 
    Costs are accounted for in two basic stages: assignment followed by accumulation. 
    • A. 

      True

    • B. 

      False

  • 3. 
    An actual cost is the cost incurred–a historical or past cost. 
    • A. 

      True

    • B. 

      False

  • 4. 
    Accountants define a cost as a resource to be sacrificed to achieve a specific objective. 
    • A. 

      True

    • B. 

      False

  • 5. 
    A cost is a resource sacrificed or foregone to achieve a specific objective.
    • A. 

      True

    • B. 

      False

  • 6. 
    Managers use cost accumulation data to make decisions and implement them. 
    • A. 

      True

    • B. 

      False

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