The correct answer is C. Cost accounting discloses the effect and impact of cost on business.
Cost accounting is a branch of accounting that focuses on the measurement, analysis, and reporting of costs. It is used to help businesses make informed decisions about pricing, production, and other areas.
Cost accounting can be used to track the costs of individual products, services, or jobs. It can also be used to track the costs of different departments or activities within a business.
Cost accounting can provide businesses with valuable information about their costs. This information can be used to improve efficiency, reduce costs, and make better decisions about pricing and production.
Option A is incorrect because cost accounting does not disclose the financial position of a business. This information is typically found in the financial statements of a business.
Option B is incorrect because cost accounting does not disclose the profit or loss of a product, job, or service. This information is typically found in the income statement of a business.
Option D is incorrect because cost accounting does disclose the effect and impact of cost on business. This is one of the main purposes of cost accounting.