Cost Accounting Differs from Financial Accounting in That Cost Accounting

question 71

Multiple Choice

Cost accounting differs from financial accounting in that cost accounting is:

• A) Primarily concerned with income determination
• B) Relied on for analyzing and implementing internal decisions
• C) Focused only on qualitative information
• D) Primarily concerned with external reporting

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Definitions:

Front-Line Management

Managers who are directly responsible for supervising and managing employees who are themselves not managers.

Direct Learning

A method of acquiring skills or knowledge through explicit instruction and practice, as opposed to incidental or experiential learning methods.

Development Expenditures

Costs incurred in the process of acquiring or improving skills, technologies, or assets to increase an entity’s value or capabilities.

External Sources

Entities, individuals, or organizations outside a company that provide resources, information, or support for that company.