[amp_mcq option1=”cost reduction” option2=”cost control” option3=”cost allocation” option4=”cost ascertainment” correct=”option2″]<\/p>\n
The correct answer is: B. cost control<\/strong><\/p>\n Cost control is the process of setting standards and comparing actual performance with standards with a view to control the cost. It is a continuous process that involves setting standards, measuring actual performance, comparing actual performance to standards, and taking corrective action when necessary.<\/p>\n Cost reduction is the process of reducing costs without sacrificing quality or customer satisfaction. It can be achieved through a variety of methods, such as improving efficiency, negotiating better prices with suppliers, and reducing waste.<\/p>\n Cost allocation is the process of assigning costs to products, services, or activities. It is necessary for determining the profitability of products or services, and for making decisions about pricing and resource allocation.<\/p>\n Cost ascertainment is the process of determining the cost of goods or services. It is necessary for financial reporting, tax purposes, and decision-making.<\/p>\n In conclusion, cost control is the process of setting standards and comparing actual performance with standards with a view to control the cost. It is a continuous process that involves setting standards, measuring actual performance, comparing actual performance to standards, and taking corrective action when necessary.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”cost reduction” option2=”cost control” option3=”cost allocation” option4=”cost ascertainment” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-43151","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n