Which of the following costing activities is associated with the financial accounting system?
A)determining the cost of a department
B)determining the cost of goods sold for financial statements
C)preparing budgets
D)determining the cost of a customer

Question

Quizplus · Accepted Answer

Determining the cost of goods sold for financial statements is an activity associated with the financial accounting system. Financial accounting focuses on providing financial information to external stakeholders, such as investors and creditors, and includes reporting on the cost of goods sold in financial statements. Choices A, C, and D are all examples of costing activities associated with managerial accounting.

Which of the Following Costing Activities Is Associated with the Financial