The material or anything for which cost is to be measured is known as __________?
Correct answer: B. cost object
- A. measurement object
- B. cost object
- C. accounting object
- D. budget object
Explanation
A cost object is anything for which costs are measured, such as a product, service, department, customer, or project. “Measurement object” is a tempting literal phrase but is not the standard accounting term.
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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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