Seventh Lesson Flashcards
1
Q
Cost Management System
A
A cost management system (CMS) is a collection of tools and techniques that provide relevant information
for the management
2
Q
What are the primary purposes of Management Accounting System?
A
The primary purposes of a cost management system are:
• To provide cost information for strategic management decisions and operational control
Es. New products, prices definition, departments’ monitoring
• For measures of inventory value and cost of goods sold for financial reporting.
3
Q
What is Cost Accounting?
A
4
Q
What is Cost Accounting system?
A
5
Q
What is a Cost?
A
6
Q
What is Cost Object?
A
