An Accounting System That Accumulates and Reports Costs Incurred by Each

question 96

Multiple Choice

An accounting system that accumulates and reports costs incurred by each service department for management to evaluate the performance of a department is a:

• A)Departmental accounting system.
• B)Cost accounting system.
• C)Service accounting system.
• D)Revenue accounting system.
• E)Standard accounting system.

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Definitions:

Infancy

A stage in human development from birth up to, but not including, puberty; in legal terms, refers to a period during which a person is considered a minor and under the protection of guardians or parents.

Negotiability

Negotiability refers to the quality of a financial instrument that enables it to be transferred from one party to another in exchange for money or as payment.

Conditional Payment

A payment that is due only upon the occurrence of a specific event or satisfaction of a particular condition.

Mortgage

An agreement in which a bank or lender provides funds to a borrower at a certain interest rate, securing the loan by temporarily taking ownership of the borrower's property. This ownership is transferred back to the borrower once the loan is fully repaid.