What are some of the limitations of cost accounting?
1. What are some of the limitations of cost accounting?
2. State whether the following questions is True (T) or False (F):
a)
b) Financial accounting provides information for managers and other internal users.
c)
d) Management accounting is future oriented.
e) Management accounting is required to follow generally accepted accounting principles.
f) Financial accounting examines monetary and non-monetary events.
g) Cost accounting is used as a means of fixing a selling price.
h) Cost accounting looks at the company as a whole and not at the various units, jobs or processes.
i) Financial accounting is concerned with how and why profits arise.
j) Cost accounting depends entirely on historical information.
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