Which of the following statements is false?
A)A primary purpose of cost accounting is to determine valuations needed for external financial statements.
B)A primary purpose of management accounting is to provide information to managers for use in planning,controlling,and decision making.
C)The act of converting production inputs into finished products or services necessitates cost accounting.
D)Two primary hallmarks of cost and management accounting are standardization of procedures and use of generally accepted accounting principles.

Question

Quizplus · Accepted Answer

Cost and management accounting do not require standardization of procedures or adherence to generally accepted accounting principles (GAAP), as they are primarily used for internal decision-making purposes.

Which of the Following Statements Is False