Which of the following statements about cost accounting systems is FALSE? A) The cost accounting system...

Which of the following statements about cost accounting systems is FALSE? A) The cost accounting system provides the cost data that managers use for decision making. B) The cost accounting system is the most fundamental component of a cost management system. C) A cost accounting system that provides accurate information is a key success factor for all types of organizations. D) Some types of organizations do not need cost accounting systems. E) none of the above

Solutions

Expert Solution

The correct option is C) A cost accounting system that provides accurate information is a key success factor for all types of organizations.

Cost accounting system uses adquate costing records to provides reliable basis for making estimates and in decision making.

A cost accounting system that provides best estimate not accurate information.

A cost accounting system that provides accurate information is a key success factor for all types of organizations. -- Hence, the statement is FALSE

the other statements given in the question is TRUE.

The cost accounting system provides the cost data that managers use for decision making - TRUE, this system alalyze cost data for decision making.

B) The cost accounting system is the most fundamental component of a cost management system - TRUE.

C) A cost accounting system that provides accurate information is a key success factor for all types of organizations - FALSE as explained above,

D) Some types of organizations do not need cost accounting systems - TRUE, it is not neccessary to have cost accounting system in all organization. Generally small organization do not need cost accounting.

ekkarill92 answered 1 year ago

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