List the Three Key Features of Cost Accounting and Cost

question 92

Essay

List the three key features of cost accounting and cost management.

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

Accounts Classified

The organization of accounts into categories within financial statements, typically as assets, liabilities, equity, revenue, and expenses.

Ledger

A book or collection of financial accounts where all transactions are recorded, usually divided into debits and credits.

Financial Statements

Reports that provide an overview of a company’s financial condition, including the balance sheet, income statement, and cash flow statement.