Product costs can be used in both financial and management accounting.

Name: Product costs can be used in both financial and management accounting.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Product costs are used in both financial accounting, where they are reported on the balance sheet as inventory and cost of goods sold, and in management accounting, where they are used to calculate the cost of goods sold and to make decisions about pricing, production, and inventory management.

Product Costs Can Be Used in Both Financial and Management