Statement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost. Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders. a• Statement 1 is False, Statement 2 is True b• Statement 1 is True, Statement 2 is False c• Both statements are true d• Both statements are false
Statement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost. Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders. a• Statement 1 is False, Statement 2 is True b• Statement 1 is True, Statement 2 is False c• Both statements are true d• Both statements are false
Chapter1: Financial Statements And Business Decisions
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60. Statement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost.
Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders.
a• Statement 1 is False, Statement 2 is True
b• Statement 1 is True, Statement 2 is False
c• Both statements are true
d• Both statements are false
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