Multiple choice

Cost accounting is based on _____ figures.

  1. approximated

  2. estimated

  3. historical

  4. either (1) or (3)

  5. none of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Cost accounting often relies on estimated figures for budgeting, standard costing, and forward-looking management decisions, distinguishing it from purely historical financial accounting.

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