How Is Cost,as Used in Managerial Accounting,distinguished from Expense,as Used

question 111

Multiple Choice

How is cost,as used in managerial accounting,distinguished from expense,as used in financial accounting?

• A)A cost is a sacrifice of resources and expenses are recorded in accounting records,but not all costs appear in accounting records.
• B)All expenses are costs,but not all costs are expenses in the period of incurrence,even though they will become expenses in some later period.
• C)Managerial accounting deals primarily with costs,not expenses,while financial accounting primarily deals with expenses for financial reporting as defined by generally accepted accounting principles.
• D)All of the answers are correct.

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Definitions:

Protective Optimism

A psychological state where individuals maintain a positive outlook and confidence in their future, often as a coping mechanism against potential threats or failures.

Intrinsic Motivation

The drive to engage in activities for their own sake, deriving pleasure and satisfaction from the activity itself rather than from external rewards or pressures.

Extrinsic Motivation

Extrinsic motivation refers to behavior that is driven by external rewards, such as money, fame, grades, or praise.

Self-Control

The ability to regulate one's emotions, thoughts, and behavior in the face of temptations and impulses.