The financial accounting system is concerned with the flow of costs through the factory.

Question

Quizplus · Accepted Answer

The financial accounting system is concerned with recording and reporting financial information related to the company's transactions and operations, including income, expenses, assets, and liabilities. The flow of costs through the factory is typically addressed in cost accounting, which focuses on tracking and analyzing the costs associated with producing goods or services.

The Financial Accounting System Is Concerned with the Flow of Costs