Which of the following statements is

Solution

• Financial accounting is mandatory for companies. The accounts have to be prepared as per the ICAI accounting standards. Managerial accounting is optional. • Standard costing and budgeting is not the same. Standard costing is used to calculate the expected costs of products . It's distinct from general budget setting because it concentrates on cost units, in other words the cost of what the business produces, as opposed to the costs of the business's sections or departments. • A limiting factor would be a variable that impedes the operation or growth of a business . Examples include sales demand, labour, materials or operational constraints.