Which three cost planning tasks can be performed in the Cost Accounting work area?

The option stating that reviewing work order costs can be executed in the Cost Accounting work area is accurate because work order costs are a critical component of cost accounting. Analyzing costs associated with work orders allows organizations to understand where resources are being allocated and how effectively they are being utilized in the manufacturing or production process. This task helps in identifying inefficiencies and determining accurate job costing, which is essential for financial planning and strategic decision-making.

When exploring the other tasks mentioned, reviewing item costs is typically undertaken in inventory or product costing areas rather than strictly in cost accounting. Managing cost accounting periods generally falls under the wider financial management or financial closing processes rather than being a primary function specifically tied to cost accounting tasks. Analyzing cash flow status focuses on liquidity and financial health, which isn't a direct function of cost accounting but rather of financial management.

Thus, recognizing that reviewing work order costs fortifies the core functions of the Cost Accounting work area emphasizes its relevance and importance in tracking and managing operational costs.