The correct answer is: A. To remove the shortcomings of financial accounting.
Cost accounting is a branch of accounting that tracks and analyzes the costs of a business. It is used to help businesses make decisions about pricing, production, and other areas.
Financial accounting, on the other hand, is a branch of accounting that focuses on providing information to external users, such as investors and creditors. It is used to assess the financial health of a business.
Cost accounting originated from the need to provide more detailed information about the costs of a business than financial accounting could provide. This information is used to help businesses make better decisions about how to operate their businesses.
Here is a brief explanation of each option:
- Option A: To remove the shortcomings of financial accounting. This is the correct answer. Cost accounting originated from the need to provide more detailed information about the costs of a business than financial accounting could provide. This information is used to help businesses make better decisions about how to operate their businesses.
- Option B: To remove the shortcomings of managerial accounting. Managerial accounting is a branch of accounting that focuses on providing information to internal users, such as managers. It is used to help managers make decisions about how to run their businesses. Cost accounting is not used to remove the shortcomings of managerial accounting.
- Option C: To overcome the shortcomings of standard costing. Standard costing is a method of cost accounting that uses predetermined standards to track costs. Cost accounting is not used to overcome the shortcomings of standard costing.
- Option D: None of these. This is not the correct answer. Cost accounting originated from the need to provide more detailed information about the costs of a business than financial accounting could provide.