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Management · Q24

Management Accounting

Graduate and Post Graduate · Management · question 24

Q24

Type of accounting, which reports financial and non-financial data about cost of material and acquiring of resources is classified as

A.
material accounting
B.
cost accounting
Answer
C.
supplies accounting
D.
business accounting

Answer: Option B

Solution

Answer: Option B
Solution:
Type of accounting, which reports financial and non-financial data about cost of material and acquiring of resources is classified as cost accounting. Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.