The first step in cost accumulation is to identify cost objects.

Name: The first step in cost accumulation is to identify cost objects.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Cost accumulation starts with identifying and selecting appropriate cost objects which are the items, activities, or services for which the costs are being accumulated. Only after identifying the cost objects, costs can be assigned to each cost object for further cost analysis and decision-making purposes.

The First Step in Cost Accumulation Is to Identify Cost