PHASES OF THE DEVELOPMENT OF COST MANAGEMENT SYSTEMS SHOULD CONSIDER THE FF:

Question 1

STAGE 1

Answer 1

Cost management systems are basic transaction reporting systems

Question 2

STAGE 2

Answer 2

Cost management systems focus on external financial reporting.

The objective is reliable financial reports.

Question 3

STAGE 3

Answer 3

Cost management systems track key operating data and develop more accurate and relevant cost information for decision making.

Question 4

STAGE 4

Answer 4

Strategically relevant cost management information is an integral part of the system.