Quiz 1: Cost Accounting: Information for Decision Making

Business

Accounting systems Purpose of creating accounting information system is to provide information for decision making of accounting users. Users can be classified as primary users like investors, government, creditors etc. and secondary users like internal including managers or employees. Accounting systems are also classified as financial and costing accounting system also differentiate between the users like primary and secondary ones. Financial accounting This system is designed for the users who are not part of daily management of the company and includes external users like investors, tax authorities, government, creditors etc. Managers of the company are interested in the financial accounting reports. Financial accounting information is also published on the stock exchanges and websites for the companies are publicly traded. Users of financial information could make comparison between two or more companies for decision making purposes. Since it is reported within set of required accounting norms and practices, it is identical and comparable, and relevant for internal as well as external users of financial information. Cost accounting This system is designed for inhouse or internal managers and their decision making. Cost accounting information is not needed for comparison with other companies. This information is commonly used in financial accounting also, but it is primarily used by company managers for their decision making. It is relevant for the decision making of the management.

Place the letter of the appropriate accounting cost: img

Explain difference between value chain and supply chain: img

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