Basics of Cost Control and Analysis

Costing - Phase (I & II)

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Cost accounting was developed because of the _________.

limitations of the financial accounting

limitations of the management accounting

limitations of the human resource accounting

limitations of the double entry accounting

Explanation:

Cost accounting was developed because of the limitations of the financial accounting. The limitations of financial statements are those factors that a user should be aware of before relying on them to an excessive extent. The following are all limitations of financial statements: Dependence on historical costs. Transactions are initially recorded at their cost.

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