Collection of cost data, according to accounting system in an organized way is classified as
A. system accumulation
B. accumulated data
C. cost accumulation
D. organized accumulation
Answer: Option C
Solution(By Examveda Team)
Collection of cost data, according to accounting system in an organized way is classified as cost accumulation. Cost accumulation involves the use of a formal cost accounting system to collect cost information.Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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