COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Standard rules (standards) regarding the disclosure of accounting information
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Expenses are recognized when economic transactions occur
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Information orientation to the future
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Producing repetitive reports in shorter periods (monthly)
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Detailed explanation-1: -Cost accounting creates information in order to maintain track of activities in order to maximise revenue and effectiveness of the firm. Financial accounting determines the financial outcomes for the budgeting period as well as the status of holdings or even liabilities at the final day of that period.
Detailed explanation-2: -Characteristic Features of Cost Accounting It is a branch of accounting involving the cost of goods and services. Management is able to analyze the data which helps in decision-making and budgeting for the future. The data achieved is used in financial accounting.
Detailed explanation-3: -Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.