CMA Inter Paper 8 Cost Accounting Practice Questions - ICMAI CMA Intermediate Paper 8 Cost Accounting (CA) Exam

Which statement correctly distinguishes cost accounting from financial accounting?

Cost accounting is mandatory for all companies; financial accounting is optional Cost accounting records only cash transactions Financial accounting classifies cost by element, function and behaviour Cost accounting reports primarily to internal management; financial accounting reports primarily to external stakeholders

Correct Answer:

Cost accounting reports primarily to internal management; financial accounting reports primarily to external stakeholders

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