Cost accounting provides information for both management accounting and financial accounting professionals.

Question

Quizplus · Accepted Answer

Cost accounting is a branch of accounting that is used to help management make decisions about their business operations. It provides information about the costs of various components of a business, such as raw materials, labor, and overhead expenses. This information can be used in management accounting to help forecast financial outcomes and create budgets. It can also be used in financial accounting to help prepare financial statements and comply with regulatory requirements. Therefore, cost accounting provides information for both management and financial accounting professionals.

Cost Accounting Provides Information for Both Management Accounting and Financial