Cost accounting differs from financial accounting in that cost accounting is:
A) Primarily concerned with income determination
B) Relied on for analyzing and implementing internal decisions
C) Focused only on qualitative information
D) Primarily concerned with external reporting

Question

Quizplus · Accepted Answer

Cost accounting is mainly relied on for analyzing and implementing internal decisions, whereas financial accounting is primarily concerned with external reporting. Cost accounting also focuses on quantitative information rather than qualitative information. It is not primarily concerned with income determination, although it does provide information about costs and profitability.

Cost Accounting Differs from Financial Accounting in That Cost Accounting