Cost Acctg - Q1 Prelims

Financial accounting is most concerned with meeting the needs of internal users.

• True

• False

Financial accounting is most concerned with meeting the needs of external users.

• True

• False

Managerial accounting is most concerned with meeting the needs of internal users.

• True

• False

Financial accounting is highly regulated by rules and regulations.

• True

• False

Cost accounting serves as a bridge between financial and managerial accounting.

• True

• False

The branch of accounting that is most concerned with addressing the needs of the firm as a whole is ___________________ accounting

The branch of accounting that is most concerned with addressing the needs of specific departments of the firm is ___________________ accounting

The branch of accounting that serves as a bridge between financial and managerial accounting is __________ accounting.

Broadly speaking, cost accounting can be defined as a(n)

• external reporting system that is based on activity-based costs.

• system used for providing the government and creditors with information about a

  company's internal operations.

• internal reporting system that provides product costing and other information used by

  managers in performing their functions.

• internal reporting system needed by manufacturers to be in compliance with Cost

  Accounting Standards Board pronouncements.

Cost accounting is directed toward the needs of

• regulatory agencies

• external users

• internal users

• stockholders