Financial accounting and cost accounting are both highly concerned with
A)preparing budgets.
B)determining product cost.
C)providing managers with information necessary for control purposes.
D)determining performance standards.

Question

Quizplus · Accepted Answer

Both financial accounting and cost accounting are involved in determining product cost. Financial accounting focuses on the overall financial performance of the organization, while cost accounting focuses on the cost of producing goods or services. Both are necessary for effective decision making and pricing strategies. The other options listed are important functions of management accounting, but not specific to financial accounting or cost accounting.

Financial Accounting and Cost Accounting Are Both Highly Concerned with