Multiple Choice
Audit firms that are subject to inspections by the PCAOB staff include:
22
views
1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which type of accounting includes any activity related to making a product?
A
Auditing
B
Financial accounting
C
Tax accounting
D
Cost accounting
Verified step by step guidance1
Understand the different types of accounting: Auditing focuses on examining financial records for accuracy and compliance, Financial Accounting deals with preparing financial statements for external users, Tax Accounting involves preparing tax returns and planning, and Cost Accounting focuses on tracking and analyzing costs related to production.
Recognize that Cost Accounting is specifically concerned with activities related to making a product, such as calculating the cost of materials, labor, and overhead expenses.
Identify that Cost Accounting helps businesses determine the cost of production, set pricing strategies, and manage budgets effectively.
Understand that Cost Accounting is an internal process used by management to make decisions about production efficiency and profitability.
Conclude that the correct answer to the question is Cost Accounting, as it directly relates to activities involved in making a product.
4:10mWatch next
Master Types of Accounting: Financial and Managerial with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Types of Accounting practice set
Problem sets built by lead tutorsExpert video explanations