ECONOMICS

Detailed explanation-1: -Scope of Cost Accounting Cost accounting reports give the organization a chance to sort out where cost control can be done without hampering the level of production. A business entity can make the new budget according to the reduced cost and follow it for a period to check if it works.

Detailed explanation-2: -Activities of management accounting include; budgeting and planning, cost analysis, financial analysis, and previous management strategies. Financial accounting has a broader scope than management accounting as it serves both internal and external stakeholders.

Detailed explanation-3: -Accounting is broader than book-keeping. Accounting includes a design of accounting systems which book-keepers use for the preparation of financial statements, audits, cost studies, income-tax statements, etc.