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Which of the following is NOT a similarity between Financial Accounting and Cost Accounting?
ABoth use the double-entry system
BCost accounting reports per-unit costs while financial accounting aggregates costs
CBoth disclose profit or loss of the business
DBoth record transactions using common vouchers and invoices
Answer & Solution
Correct answer: B. Cost accounting reports per-unit costs while financial accounting aggregates costs
1. Per-unit cost reporting vs aggregate reporting is a DIFFERENCE between the two systems, not a similarity.
2. ICMAI lists the similarities: double-entry, common vouchers, profit/loss disclosure, matching, direct/indirect recording, comparison ability, and aiding managerial decisions.
3. Hence per-unit reporting is the odd one out.
_Source: ICMAI BoS CMA Foundation Paper 2 (Cost Accounting), Module 4 §4.1-4.2 (Methods & Systems of Costing), p. 297-308_