The recognition and recording of costs is called:
A) Cost assignment
B) Cost measurement
C) Cost accumulation
D) Job order costing

Question

Quizplus · Accepted Answer

Cost accumulation is the process of identifying and recording costs incurred by an organization over a specific period. This involves collecting and summarizing cost data for various purposes such as cost control, decision making, and performance evaluation. Cost assignment is the process of assigning direct and indirect costs to cost objects, while cost measurement involves determining the amount of resources used to produce a product or service. Job order costing is a specific costing method used to determine the cost of producing a specific unit or batch of products.

The Recognition and Recording of Costs Is Called