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INTERVIEW QUESTIONS
ACCOUNTS
COST ACCOUNTING
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Question: what does the name costing mean and what are the importance of costing?
Answer: Itis basically the ascertainment of cost whether for a specified thing or activity. To ascertain cost, we need to apply accounting and costing principles, methods and techniques.
importance 1)It assist management to make decision for example make or buy, whether to accept a special order and others;
2)It assist management in planning and control; 3)Costing assists management to appreciate scarce resources in the increasingly complex business operations; 4)Understanding costing assist in cost awareness, cost control / management;
5)Is vital to an organization’s survival re: using marginal cost in competitive tendering and others.
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Cost Accounting Interview Questions & Answers -
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Question:
what does the name costing mean and what are the importance of costing?
Answer:
Itis basically the ascertainment of cost whether for a specified thing or activity. To ascertain cost, we need to apply accounting and costing principles, methods and techniques.
importance 1)It assist management to make decision for example make or buy, whether to accept a special order and others;
2)It assist management in planning and control; 3)Costing assists management to appreciate scarce resources in the increasingly complex business operations; 4)Understanding costing assist in cost awareness, cost control / management;
5)Is vital to an organization’s survival re: using marginal cost in competitive tendering and others. Source: CoolInterview.com
Answered by: coxwell ong'iro marago | Date: 3/5/2010
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