Homework Answers
Correct Answer:- Option 3
cost accounting provides financial information regarding the cost of acquiring resources in the organisation. cost accounting is often used by management within a company to aid in decision making.
Evaluation of other options-
Option 1
This option is wrong because Cost accounting, because it is used as an internal tool by management, does not have to meet any specific standard such as generally accepted accounting principles (GAAP) and, as a result, varies in use from company to company or department to department.
Option 2
option 2 is not correct because cost accounting deals with financial as well as non-financial information relating to the cost of acquiring or using resources in the organisation
Option 4
Option 4 is also not correct because Cost accounting provides financial information about cash as well as non cash based transactions.
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