Multiple Choice
While driving, you damage a fence. The repair costs would be covered by which type of accounting?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
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Which type of accounting shows how a product fits in with a particular way of life?
A
Managerial accounting
B
Social accounting
C
Financial accounting
D
Cost accounting
Verified step by step guidance1
Understand the different types of accounting mentioned in the problem: Managerial accounting, Social accounting, Financial accounting, and Cost accounting.
Managerial accounting focuses on providing information to internal users, such as managers, to aid in decision-making within the organization.
Social accounting, also known as social and environmental accounting, evaluates the impact of an organization's activities on society and the environment, often aligning with ethical and sustainability goals. This type of accounting shows how a product fits in with a particular way of life.
Financial accounting is concerned with preparing financial statements for external users, such as investors and creditors, to provide a snapshot of the organization's financial health.
Cost accounting involves analyzing the costs associated with producing goods or services to help in budgeting and cost control. It does not focus on societal or lifestyle aspects.
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