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IK 10 Kosten- und Leistungsrechnung (EN)
IK 10 Cost and Performance Accounting
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Knowledge Check
Four questions for self-assessment. Click on each question to see the correct answer and explanation.
What is the main difference between cost accounting and financial accounting?
- A) Cost accounting is legally required, financial accounting is not.
- B) Cost accounting serves internal control and decision-making, while financial accounting serves external reporting.
- C) Cost accounting only records variable costs, financial accounting only records fixed costs.
- D) Cost accounting is only used in manufacturing companies, financial accounting in all companies.
Correct Answer: B. Cost accounting serves internal control and decision-making, while financial accounting is primarily responsible for external reporting to stakeholders such as shareholders and authorities.
What is meant by full costing?
- A) A method that only considers variable costs.
- B) A method that allocates both variable and fixed costs to cost objects.
- C) A method that only records overhead costs.
- D) A method that only considers material and production costs.
Correct Answer: B. Full costing considers both variable and fixed costs and allocates them completely to the cost objects, while partial costing only considers a portion of the costs.
What is the goal of standard costing?
- A) The pure recording of actually incurred costs.
- B) The control of efficiency by comparing standard costs and actual costs.
- C) The elimination of all fixed costs from the calculation.
- D) The calculation of the market price for products.
Correct Answer: B. Standard costing serves to control efficiency by comparing the planned costs with the actual costs incurred, in order to identify deviations and initiate measures.
What is meant by contribution margin accounting?
- A) A method that only considers overhead costs.
- B) A method that determines the contribution margin as the difference between revenue and total costs.
- C) A method that determines the contribution margin as the difference between revenue and variable costs.
- D) A method that is exclusively used for price determination.
Correct Answer: C. Contribution margin accounting determines the contribution margin as the difference between revenue and variable costs, which contributes to covering the fixed costs.