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:

Short-Term Notes Payable

Short-duration loans evidenced by promissory notes that a company must pay within a year or within its operating cycle, whichever is longer.