The type of accounting, which reports financial and non-financial data about the cost of material and acquiring of resources is classified as ____________?
Correct answer: B. cost accounting
- A. material accounting
- B. cost accounting
- C. supplies accounting
- D. business accounting
Explanation
Cost accounting collects and reports both monetary and operational information about materials, resources, and their acquisition or use. Material accounting and supplies accounting are narrower terms and do not cover the complete cost-information role.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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