JAMB Accounting 2020 Objective — Question 20

Question 20 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.

20. The main difference between financial accounting and cost accounting is?

A. A. Financial accounting is useful internally only
B. B. Cost accounting is useful internally onlyCorrect
C. C. Financial accounting is useful externally only
D. D. Cost accounting is useful both internally and externally

Explanation

Cost accounting is prepared for management decision; thus it is mostly useful for internal consumption.

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