Question

Cost accounting was originated :
(A) To meet the deficiencies of financial accounting
(B) To meet the deficiencies of management accounting
(C) To meet the deficiencies of standard costing
(D) None of these​

Answer 1

Answer:

(B) To meet the deficiencies of management accounting

Cost accounting was originated  To meet the deficiencies of management accounting.

Explanation:

The definition of cost accounting is "a methodical set of steps for gathering data on the total cost of producing goods and providing services as well as individual costs. It includes techniques for identifying, categorizing, allotting, aggregating, reporting, and contrasting such costs with typical costs."

Cost accounting originated:

• Its ultimate objective is to advise management on how to optimize business practices and processes based on cost effectiveness and capability, and it is frequently regarded as a subset of managerial accounting. The management can control current operations and make future plans thanks to the detailed cost information provided by cost accounting.
• Information from cost accounting is frequently used in financial accounting, but its main use is for managers to facilitate their decision-making. Cost accounting was originated  To meet the deficiencies of management accounting.
• During the industrial revolution, systems for recording and tracking costs were developed in order to assist business owners and managers in making decisions. This is when modern cost accounting first emerged.
• By analyzing the variable costs of each stage of production as well as fixed costs, like lease expenses, cost accounting is a type of managerial accounting that aims to capture a company's total cost of production.