According to accounting system the collection of cost data, in an organized way is classified as ___________?
Correct answer: B. cost accumulation
- A. system accumulation
- B. cost accumulation
- C. accumulated data
- D. organized accumulation
Explanation
Cost accumulation is the systematic collection and organization of cost data in an accounting system. The other options are not standard terms for this process.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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