COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is a characteristic of financial accounting?
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Not mandatory
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Must follow GAAP
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Emphasis on relevance of data, rather than precision
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Both A and B
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Explanation:
Detailed explanation-1: -Managerial accounting places less emphasis on (precision/timeliness) and more emphasis on (precision/timeliness) than financial accounting.
Detailed explanation-2: -Relevance and reliability are the two primary characteristics that make accounting information useful for decision-making. Ideally, financial reporting should produce information that is both more reliable and more relevant.
Detailed explanation-3: -Financial accounting emphasizes historical orientation and externally imposed rules. Which of the following does financial accounting emphasize? c.It provides historically oriented information about a firm. Financial accounting has a historical orientation.
There is 1 question to complete.