__________ Provide Information About the Results of Past Actions, but Do

question 109

Multiple Choice

__________ provide information about the results of past actions, but do not communicate the drivers of the firm's future performance.

• A) Financial controls
• B) Accounting information systems
• C) Policies and procedures
• D) Strategic feedback systems

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Definitions:

Standard Cost

The predetermined cost of manufacturing a single unit or a number of units during a specific period under normal conditions.

Raw Materials Quantity Variance

The difference between the actual quantity of raw materials used and the expected quantity of raw materials based on the standard cost, which indicates efficiency in using materials.

Standard Cost System

An accounting system that uses standard costs for product costs, serving as a tool for planning, controlling, and decision making.

Actual Results

Actual results refer to the final outcomes or data obtained after completing a process or experiment, measured against predetermined objectives or expectations.