Exam 1: Cost Accounting: Information for Decision Making

Compare financial accounting and cost accounting using the following concepts: users of the information;important criteria;who establishes or defines the system;and how to determine an accounting treatment.

Financial accounting information is designed for decision-makers who are directly involved in the daily management of the firm.

Department managers at Boswell Department Store are allowed considerable discretion in both sourcing and pricing of products,based on local tastes and competition,as well as being responsible for departmental staffing.Based on the concept of the responsibility center,which of the following would not be a performance measure that would be useful in evaluating the performance of departmental managers at the stores?

The delivery of products or services to customers is an example of which element in the value chain?