INTERVIEW QUESTIONS COMMON PROFICIENCY TEST (CPT) FUNDAMENTALS OF ACCOUNTING DETAILS

Question: The problems related to price- rise are handled under:
a) Management Accounting
b) Cost Accounting
c) Financial Accounting
d) Inflation Accounting

Answer: (d)
Description: Inflation refers to a general price rise in the economy. Thus, all issues related to price rise are handled under Inflation Accounting. Management Accounting deals with management related transactions. Cost Accounting deals with unit costing of a product and Financial Accounting deals with preparation of financial statements.

(d)
Description: Inflation refers to a general price rise in the economy. Thus, all issues related to price rise are handled under Inflation Accounting. Management Accounting deals with management related transactions. Cost Accounting deals with unit costing of a product and Financial Accounting deals with preparation of financial statements. Source: CoolInterview.com

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