Which of the following types of organizations need cost accounting?
A) manufacturing firms and service organizations only
B) service organizations and nonprofit organizations only
C) manufacturing firms and nonprofit organizations only
D) all types of organizations

Question

Quizplus · Accepted Answer

All types of organizations need cost accounting as it helps in determining the cost of products or services offered by the organization and improves decision-making processes. Cost accounting is essential for both manufacturing and service organizations as well as for nonprofit organizations. Nonprofit organizations also need to keep track of their costs in order to ensure efficient use of their limited resources. Therefore, all types of organizations need cost accounting.

Which of the Following Types of Organizations Need Cost Accounting