Question

Which of the following is CORRECT regarding cost accounting? A) Cost accounting is concerned with the provision of information to external parties outside the organization. B) Cost accounting is providing economic information about the whole of organization to people who have an interest in an organization C) It enhances the planning process by providing historical costs that serve as a basis for future projections. D) It focuses on gathering historical financial information.​

Answer 1

Step-by-step explanation:

The correct answer is (b) Cost accounting is a subset of management accounting. Cost Accounting is a way of recording the costs incurred to improve the managCost accounting looks to assess the different costs of a business and how they impact operations, costs, efficiency, and profits. Individually assessing a company's cost structure allows management to improve the way it runs its business and therefore improve the value of the firm.ement efficiency of an organization.