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Cost Accounting vs

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Questions and Answers

In which type of accounting are stock values calculated at cost price or market price (whichever is lower)?

Cost accounting
Financial accounting (correct)
Tax accounting
Managerial accounting

Which type of accounting prepares reports for external users?

Managerial accounting
Cost accounting
Tax accounting
Financial accounting (correct)

Which type of accounting allows for better control over material, labor, and overhead costs?

Tax accounting
Financial accounting
Managerial accounting
Cost accounting (correct)

In which type of accounting are reports prepared periodically or as required?

Financial accounting (B) Signup and view all the answers

Which type of accounting uses historical data as well as future data?

Cost accounting (A) Signup and view all the answers

What is the primary function of cost accounting?

To advise management on optimizing business practices based on cost efficiency (C) Signup and view all the answers

What is the end goal of cost accounting?

To advise management on optimizing business practices based on cost efficiency (B) Signup and view all the answers

What type of information does cost accounting provide for management?

Detailed cost information for controlling current operations and planning for the future (C) Signup and view all the answers

How is cost accounting related to financial accounting?

Cost accounting information is commonly used in financial accounting, but its primary function is for use by managers (D) Signup and view all the answers

What is the purpose of cost accounting in relation to business operations?

To provide detailed cost information that management needs to control current operations and plan for the future (C) Signup and view all the answers

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