Which Description Represents a System

question 19

Multiple Choice

Which description represents a system? 

• A) multiple mathematical equations used to describe the behaviour of multiple observations 
• B) a set of components that function and interact in some regular and theoretically understandable manner 
• C) a physical model that has positive and negative feedback loops that proves a scientific hypothesis 
• D) a conceptual model that proves a scientific hypothesis

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Definitions:

Cost Formulas

Mathematical equations used to calculate the costs associated with different accounting and financial practices.

Flexible Budgets

Budgets that are designed to vary in accordance with changes in the level of activity or output, to provide more accurate costing and planning.

Spending Variance

The difference between the actual amount of the cost and how much the cost should have been, given the actual level of activity. A favorable (unfavorable) spending variance occurs because the cost is lower (higher) than expected, given the actual level of activity for the period.

Static Planning Budget

A projection of budget figures based on a fixed level of activity or volume, not adjusted for changes.