Managerial Accounting Information Includes Such Items as Budgets,performance Evaluations,and Cost

question 95

True/False

Managerial accounting information includes such items as budgets,performance evaluations,and cost reports.Managerial accounting is used by internal business owners and managers,who need internal information such as budgets,performance evaluations,and cost reports.

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Definitions:

Marginal Utility

The change in satisfaction or utility gained from consuming an additional unit of a good or service.

Utility Maximizing

The process by which individuals select the mix of goods and services that maximizes their satisfaction or utility, given their budget constraint.

Elastic Demand

A situation where the demand for a product is sensitive to price changes, showing a significant change in quantity demanded when prices fluctuate.

Market Demand Curve

Represents the total quantity of a good or service that all consumers in a market are willing and able to purchase at different prices.