Which of the following best describes cost accounting?
A) cost accounting serves the needs of both financial and managerial accounting.
B) managerial accounting is a subset of cost accounting.
C) financial accounting is a subset of cost accounting.
D)cost accounting is an alternative to both financial and managerial accounting.

Question

Quizplus · Accepted Answer

Cost accounting is a branch of accounting that focuses on determining the cost of producing goods or services in order to aid in decision-making. It serves the needs of both financial accounting, which involves reporting financial information to external parties, and managerial accounting, which involves providing information to managers within an organization to aid in decision-making. Therefore, choice A is the best answer. Choices B, C, and D are incorrect because they do not accurately describe the relationship between cost accounting and financial/managerial accounting.

Which of the Following Best Describes Cost Accounting