What is the primary purpose of cost accounting?

To track and analyze business expenses

To determine the selling price of products

To track and analyze business expenses

To manage cash flow effectively

To prepare financial statements for external stakeholders

What does 'cost' refer to in a business context?

The total expenses incurred in producing goods or services

The amount of money received from customers

The value of goods and services provided

The total expenses incurred in producing goods or services

The profit made from selling a product

To make informed business decisions

To increase profits by reducing expenses

To determine pricing strategies for products

To make informed business decisions

Cost accounting focuses on internal decision-making, financial accounting on external reporting.

Cost accounting measures cost, financial accounting reports profit.

Cost accounting is used by small businesses, financial accounting by large corporations.

To track and analyze business expenses

The total expenses incurred in producing goods or services

To make informed business decisions

Cost accounting focuses on internal decision-making, financial accounting on external reporting.