Products that a firm has not previously offered would be considered which type of accounting product?

• A. Managerial accounting product
• B. Cost accounting product
• C. Financial accounting product
• D. New product

Answer: (D)

Verified step by step guidance

1. Understand the context of the question: It is asking about the type of accounting product associated with products that a firm has not previously offered.
2. Review the definitions of the three accounting types mentioned: Managerial accounting, Cost accounting, and Financial accounting.
3. Managerial accounting focuses on internal decision-making and includes planning, controlling, and evaluating operations. It often deals with new product development and internal strategies.
4. Cost accounting is concerned with determining the cost of producing goods or services, which can include analyzing costs for new products but is more focused on cost measurement and control.
5. Financial accounting deals with external reporting and compliance, focusing on historical financial data rather than new product development. Based on these definitions, the correct answer aligns with Managerial accounting as it involves internal decision-making for new products.