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Which of the following is TRUE about cost accounting? Answers: a. Cost accounting is governed by a strict set of reporting rules that sometimes deviate

Which of the following is TRUE about cost accounting?
Answers: a.

Cost accounting is governed by a strict set of reporting rules that sometimes deviate from economic reality.

b.

Rather than make decisions based on cost accounting information, managers usually prefer to make decisions based on the financial reports the company prepares for external parties because such external reports are more forward-looking.

c.

Cost accountants are often punished by governmental authorities when they do not perform cost accounting tasks correctly.

d.

Cost accounting is NOT bound by a prescribed way of doing things in the way that financial accounting, tax, or audit are.

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