Cost and management accounting
A)require an entirely separate group of accounts than financial accounting uses.
B)focus solely on determining how much it costs to manufacture a product or provide a service.
C)provide product/service cost information as well as information for internal decision making.
D)are required for business recordkeeping as are financial and tax accounting.

Question

Quizplus · Accepted Answer

Cost and management accounting not only provide product/service cost information but also internal decision making information. They also use some similar accounts as financial accounting, but the focus is more on cost analysis and internal decision making instead of external reporting. Cost and management accounting are not mandatory for business recordkeeping like financial and tax accounting.

Cost and Management Accounting