E-TIVITY 2: PRE-ASSESSMENT AND OVERVIEW:

Instruction(s): This will serve as a pre-assessment to your background in Cost

Accounting and Control. I will try to evaluate your knowledge in accounting, finance, cost
concepts and business management. Just answer each question briefly and concisely.
Please cite your references, if any
Name: Course & Year:

Cost Accounting and Control

Questions:
1. How is accounting useful in businesses management?

2. Define cost.

3. Compare and contrast financial, managerial, and cost accounting. Additionally,

illustrate it using a Venn Diagram.

4. Why is managerial accounting information more “future oriented” than financial

accounting?

5. Discuss briefly the relationships between goals, planning, and controls.

6. Identify and define the three levels of planning.

7. What are the different forms of business organizations and types of business
activities?

8. Compare and contrast merchandising and manufacturing operations (in table

format).

9. What are the uses of cost accounting data?

10. Compare and contrast job order costing and process costing. Illustrate.

11. What are the objectives of cost accounting?

12. I want you to ask me one thing (anything under the sun) and I’ll pick 5 to 10
interesting questions for me to answer during our first virtual meeting.

References: