Which of the following statements is true?
A) Managerial accounting and cost accounting are the same thing
B) Managerial accounting prepares reports used most frequently by external decision makers
C) Cost accounting information is used for both management and financial accounting
D) Preparation of the entity's income tax return is an example of a cost accounting activity

Question

Quizplus · Accepted Answer

Cost accounting information is used for both management and financial accounting as it provides detailed cost data that is essential for internal decision-making and external financial reporting.

Which of the Following Statements Is True