Which of the Following Statements Is False

question 94

Multiple Choice

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.

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Definitions:

Business Changes

Transformations or modifications within a business environment, procedures, or strategies aiming for improvement or adaptation to new conditions.

Management Function

The activities that are performed by managers to plan, organize, direct, and control resources to achieve specific organizational goals.

Planning Process

The series of steps taken by individuals or organizations to identify objectives and determine the strategies by which those objectives can be achieved.

Organization Levels

The hierarchical layering of an organization into different levels, typically including top management, middle management, and operational employees.