Which of the following should be considered in a cost management system design?
A) yes yes yes
B) no yes yes
C) no no no
D) yes no yes

Question

Which of the following should be considered in a cost management system design? 
A) yes yes yes 
B) no yes yes 
C) no no no 
D) yes no yes

Quizplus · Accepted Answer

A cost management system design should consider cost identification, cost estimation, budgeting, cost accumulation, cost analysis, variance analysis, and cost reporting. Therefore, the answer is yes for cost identification (to identify what costs need to be managed and categorized), yes for cost accumulation (to track costs over time), and yes for cost reporting (to communicate cost information to stakeholders). However, not all cost management systems necessarily involve cost estimation, variance analysis, or budgeting, so those are optional and may not be relevant to all organizations.

Which of the Following Should Be Considered in a Cost