Compared to a general accounting system,a cost accounting system for a manufacturing company emphasizes:
A)Periodic inventory counts.
B)Total costs.
C)Continually updating costs of materials,work in process,and finished goods inventories.
D)Products and average costs.
E)Large volume operations involving standardized products.

Question

Quizplus · Accepted Answer

A cost accounting system for a manufacturing company emphasizes continually updating costs of materials, work in process, and finished goods inventories to accurately track the cost of producing each unit of product. This is different from a general accounting system which focuses more on overall financial statements and transactions. Periodic inventory counts, total costs, products and average costs, and large volume operations involving standardized products may be factors considered in a cost accounting system, but they are not the primary emphasis.

Compared to a General Accounting System,a Cost Accounting System for a Manufacturing