Question
How is cost , as used in managerial accounting, distinguished from expense , as used in financial accounting? A. A cost is a sacrifice of
How is cost, as used in managerial accounting, distinguished from expense, as used in financial accounting?
A. | A cost is a sacrifice of resources and expenses are recorded in accounting records, but not all costs appear in accounting records. | |
B. | All expenses are costs, but not all costs are expenses in the period of incurrence, even though they will become expenses in some later period. | |
C. | Managerial accounting deals primarily with costs, not expenses, while financial accounting primarily deals with expenses for financial reporting as defined by generally accepted accounting principles. | |
D. | All of the above are correct |
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