COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cost accounting is different from Financial Accounting. Which of the following are the BASIS of their difference?i. Unit measurement.ii. Report frequency.iii. Accounting principle.iv. Taxation principle.
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i, ii and iii.
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ii, iii and iv.
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i, ii and iv.
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iii and iv.
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Explanation:
Detailed explanation-1: -Cost accounting compiles the cost of raw materials, work-in-process, and finished goods inventory, while financial accounting incorporates this information into its financial reports (primarily into the balance sheet).
Detailed explanation-2: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.
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