Which one of the following statements is not true?
A) The cost accounting system is just an extension of the financial accounting system.
B) Cost and management accounting reports have both an internal and an external focus.
C) Financial accounting reports present internal information to external parties.
D) Internal financial costs are the only information that entities require to set the selling prices of products and services.

Question

Quizplus · Accepted Answer

Entities require a variety of information, including market conditions, competitor pricing, and customer demand, in addition to internal financial costs, to set the selling prices of products and services.

Which One of the Following Statements Is Not True