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Test bank For Chapter 1: Cost Accounting: Information for Decision Making 1st Edition by Farmer
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Test bank For Chapter 1: Cost Accounting: Information for Decision Making 1st Edition by Farmer
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Test bank For Chapter 1: CostAccounting: Information for Decision
Making 1st Edition by Farmer
As providers or users of information, it is important to understand how information can and will
be used to add - ANSvalue
The set of activities that transform raw resources into goods and services is the ______ chain. -
ANSvalue
The supply chain includes ______. - ANS-employees
-other companies
In order to add value to an organization, cost information must improve manager's _____. -
ANSdecision
Cost accounting is concerned with ______. - ANS-how the individual stages contribute to value
-the different stages of the value chain
True or false: Information can be used to increase value. - ANSTrue
Accounting systems are classified based on the _____ user of the information. - ANSprimary
The set of activities that transforms raw resources into goods and services is called the _____
_____. - ANSvalue chain
The users of _____ accounting information are often external to the firm. - ANSfinancial
Which of the following is not part of a firm's distribution chain? - ANSEmployees
The important criterion of cost accounting information is that the information is ______. -
ANSrelevant
Cost accounting information for managers is mostly concerned with ______ costs. - ANSfuture
Which type of accounting focuses on the value chain? - ANSCost
The most serious problems with accounting systems appear to occur when managers attempt to
use accounting information that was developed for _____ decision making. - ANSexternal
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