Question

1) What are some of the limitations of cost accounting.

2) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. True/ False

3) Financial accounting provides information for managers and other internal users.
True/ False

4) What are the inventoriable of a merchandising g business

Answer 1

Answer:-

1)

Limitations of Cost Accounting

• Lack of uniformity: Cost accounting lacks a uniform procedure
• Conceptual diversity
• Costly
• Ignorance of futuristic situation
• Lack of double entry systems
• Developing stage

2) False

Not management accounting it is financial accounting.

3) True

4)Merchandising companies' inventoriable costs include only the cost of purchasing the inventory from suppliers plus any costs incurred to get the merchandise to the merchandiser's place of business and ready for sale.

Typically, these additional costs include freight-in costs and import duties or tariffs, if any.