Briefly explain and provide examples for cost center

Reference no: EM132973602

Question: Accounting is a process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting the transactions to oversight agencies, regulators and tax collection entities.

(a) Differentiate between management accounting and financial accounting.

(b) Cost can be defined as the value of assets or resources sacrificed to purchase other assets. Briefly explain and provide examples for cost center and cost unit.

Reference no: EM132973602

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