What are the two primary purposes of documenting cost information?

The two primary purposes of documenting cost information are to transmit information to the accounting system and to accumulate cost control information. This is crucial because effective cost management in construction projects relies on accurate documentation to ensure financial accountability and control.

Transmitting information to the accounting system ensures that all incurred costs are recorded accurately and promptly. This is essential for maintaining financial records that reflect the project's actual expenditures and inform stakeholders of the project's financial status. By channeling this data into the accounting system, project managers can analyze costs against budgets and forecasts.

Accumulating cost control information is equally important, as it enables project managers to monitor ongoing expenses and compare them to planned budgets. This helps identify variances and potential financial issues early on, allowing for timely corrective actions to keep the project on track financially. By having a clear view of costs, management can make informed decisions regarding resource allocation, procurement, and other financial aspects of the project.

While the other options detail important aspects of project management, they do not encompass the core reasons for documenting cost information as effectively as the combination of transmitting information to accounting and accumulating cost control data.