Primary Function of Costing and Accounting Systems

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Question:

What is the primary function of costing and accounting systems? Question 5Answer a. Maximizing profits b. Minimizing costs c. Recording and reporting financial transactions d. Controlling market competition

Answer:

The primary function of costing and accounting systems is:

c. Recording and reporting financial transactions

While maximizing profits and minimizing costs are important objectives of these systems, their fundamental role is to accurately record and report financial information.