Differences between financial accounting and cost accounting

Assignment Help Financial Accounting

Reference no: EM133116671

Question 1: A cost center is:
(a) a resource sacrificed or foregone to achieve a specific objective
(b) an activity, product, service, or other item for which we can make a separate cost measurement
(c) a clearly defined area to which costs can be attributed
(d) a section of an organization for which budgets are prepared and control exercised.

Question 2: In marginal costing, the margin of safety is:
(a) the point where total revenue equals total cost

(b) the difference between budgeted sales and breakeven sales, usually expressed as a percentage of budgeted sales
(c) the cost of producing one fewer item or providing one fewer service

(d) the maximum number of standard labor hours worked before overtime is authorized

Question 3: Explain the differences between Financial Accounting and Cost Accounting

Reference no: EM133116671

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