Question

True or false, cost accounts are the main accounts of the busniness.

Answer 1

true....as the main motive of business is to maximize profit .... which is done by reducing cost

Answer 2

Introduction:

Management uses cost accounting internally to make fully informed business choices.

Unlike financial accounting, which gives information to external readers of financial statements, cost accounting is not bound by predefined standards and may be tailored to match the needs of management.

Explanation:

A cost account is one of the most important accounts in a corporation since it assists in assessing the cost and managerial requirements of the company.