Final answer:
Managers and accountants primarily collect cost information through financial statements, which are crucial for various accounting and financial tasks.
Step-by-step explanation:
Managers and accountants collect most of the cost information that goes into their systems through financial statements. Financial statements provide a detailed summary of an organization's financial activities, including costs incurred. These statements, such as the income statement and balance sheet, are prepared based on accurate records and can provide valuable information for managing costs and making informed decisions.
Managers and accountants collect most of the cost information that goes into their systems through financial statements. Financial statements provide comprehensive data on a company's financial performance, including expenses, revenues, assets, and liabilities. Information contained within these documents is essential for managers and accountants to perform financial analysis, budget planning, and cost control. While methods such as direct observation, market research, and employee surveys can supplement data collection, financial statements are the basis for the majority of cost information needed for managerial and financial accounting processes.