Which of the Following Is a Primary User of Accounting

question 172

Multiple Choice

Which of the following is a primary user of accounting information with a direct financial interest in the business?

• A)Taxing authority
• B)Creditor
• C)Regulatory agency
• D)Labor union

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Definitions:

Quality Control Standards

Guidelines and criteria set to ensure the products meet certain thresholds of quality and reliability before they are delivered to customers.

Flexible Standards

Performance benchmarks that can adjust based on changes in actual conditions, allowing for more accurate budgeting and control.

Materials Price Variance

A measure of the difference between the actual cost of materials and the expected cost at standard prices.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected to be used, multiplied by the standard cost per unit.