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- Subject
- Basics of Accountingaccounting-mcqs › cost-accounting-mcqs › basics-of-accounting
- Published
- 26 Apr 2023
- Last updated
- 28 May 2026
What term is used to describe the item or material for which costs are determined?
Multiple choice question for Basics of Accounting. Select an option, then review the explanation below.
Explanation
The correct term is 'cost object,' which refers to any item or material for which costs are tracked and calculated.
More Basics of Accounting MCQs
Practice related questions from the same subject.
- 1.In accounting terminology, what is the term for the cost recorded in previous financial records?
- 2.What term describes the process of assigning direct costs to a particular cost object?
- 3.In a production environment, what term is used to describe factors like the level or volume of company operations that influence costs?
- 4.In accounting terms, what is the term for the resources given up to accomplish a particular goal?
- 5.Which type of cost is associated with a particular cost object but cannot be traced to it in an economical manner?