BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Broadly speaking, cost accounting can be defined as a(n)
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external reporting system that is based on activity-based costs.
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system used for providing the government and creditors with information about a company’s internal operations.
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internal reporting system that provides product costing and other information used by managers in performing their functions.
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internal reporting system needed by manufacturers to be in compliance with Cost Accounting Standards Board pronouncements.
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Explanation:
Detailed explanation-1: -Broadly speaking, cost accounting can be defined as a(n) a. external reporting system that is based on activity-based costs.
Detailed explanation-2: -ANSWERS: False. Financial Accounting is concerned with reporting to both internal and external users and financial accounting does not report cost information. It is cost and management accounting that reports on cost information.
Detailed explanation-3: -Managerial accounting involves the presentation of financial information for internal purposes to be used by management in making key business decisions.
Detailed explanation-4: -Cost accounting is an internal accounting system for the benefit of managers and employees.
There is 1 question to complete.