1

Question 1

is a set of interrelated parts that performs one or more processes to accomplish specific objectives.

Answer 1

SYSTEM

Question 2

is one that consists of interrelated manual and computer parts and uses processes such as collecting, recording, summarizing, analyzing and managing data to provide information to users.

Answer 2

ACCOUNTING INFORMATION SYSTEM

Question 3

it has objectives, interrelated processes and outputs.
- it is divided into subsystems, such as:
- Financial accounting system
- Cost management system

Answer 3

ACCOUNTING INFORMATION SYSTEM

Question 4

Within the organization, cost accounting is presented as part of the management function.

Answer 4

ACCOUNTING INFORMATION SYSTEM

Question 5

These systems are not independent of each other (they should be integrated and have linked databases - output of 1 system can be used as input of the other system.)

Answer 5

Financial, Management, and Cost Accounting

Question 6

Provides the detailed cost information that management needs to control current operations and plan for the future.

Answer 6

COST ACCOUNTING INFORMATION SYSTEM

Question 7

Decision-making (Pricing decisions, inventory valuation, contract bidding, choosing among alternatives, routine and strategic decisions)

Answer 7

COST ACCOUNTING INFORMATION SYSTEM

Question 8

Planning and control (meeting competition, analyzing profitability, reduction of costs, improvements of quality)

Answer 8

COST ACCOUNTING INFORMATION SYSTEM

Question 9

Meet external information needs

Answer 9

Financial

Question 10

Investment decisions

Answer 10

Financial

Question 11

Stewardship evaluation

Answer 11

Financial

Question 12

Regulatory measures

Answer 12

Financial

Question 13

Comply with GAAP

Answer 13

Financial

Question 14

Meet internal information needs

Answer 14

Management

Question 15

Meet internal information needs

Answer 15

Management

Question 16

Whole organization

Answer 16

Financial

Question 17

Historical

Answer 17

Financial

Question 18

Quantitative

Answer 18

Financial

Question 18

Monetary

Answer 18

Financial

Question 19

Verifiable

Answer 19

Financial

Question 19

External focus

Answer 19

Financial

Question 20

GAAP

Answer 20

Financial

Question 20

Formal recordkeeping

Answer 20

Financial

Question 21

Internal focus

Answer 21

Managerial

Question 21

Monetary and nonmonetary

Answer 21

Managerial

Question 22

Quantitative/qualitative

Answer 22

Managerial

Question 23

Current/projected

Answer 23

Managerial

Question 24

Segments or divisions

Answer 24

Managerial

Question 25

Timely/reasonable estimate

Answer 25

Managerial

Question 26

Benefits exceed costs

Answer 26

Managerial

Question 26

Formal and informal recordkeeping

Answer 26

Managerial

Question 27

MANAGEMENT FUNCTIONS

Answer 27

Planning Organizing Controlling Directing WHICH ALL INCLUDE: Making decisions Giving orders Establishing policies Providing work and rewards Hiring people to carry out policies

Question 28

each manager’s responsibilities should be limited to the costs and revenues that are controllable by the manager, and performance is generally measured by comparing actual costs and revenues with the budget.

Answer 28

RESPONSIBILITY ACCOUNTING

Question 29

Is the quantified, written expression of management’s plans. Should be created through the participation of all levels of management. Promotes coordination of personnel, clarification of policies, crystallization of plans.

Answer 29

BUDGET

Question 30

A set of value-adding functions and processes that converts inputs into products or services

Answer 30

Value Chain