Describe MIS and DSS and Differentiate Between Them

question 97

Essay

Describe MIS and DSS and differentiate between them.

---

Definitions:

Process Costing

A costing method used in manufacturing where costs are assigned to products based on the processes or stages they go through.

Equivalent Units

A technique used in process costing that converts partially completed goods into a number of fully completed units.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing the expenses incurred to convert raw materials into finished products.

FIFO Method

The First-In, First-Out method, an inventory valuation strategy where goods first added to inventory are the first ones to be sold.