What Is the Term for a Cost Management Subsystem Designed

question 3

Multiple Choice

What is the term for a cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control activities?

• A)cost accounting information system
• B)financial accounting system
• C)operational control information system
• D)tax reporting system

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Definitions:

Tax Return

The form filed with a tax authority that reports income, expenses, and other pertinent tax information. Taxes payable or refundable are also determined through this document.

Relationship Test

A criterion used in tax law to determine eligibility for dependent-related deductions and credits, based on the taxpayer's relationship to the dependent.

Member of Household Test

A criteria used to determine if someone is a qualifying relative for tax purposes, considering factors like relationship, income, and support.

Qualifying Relatives

Individuals who meet certain IRS criteria allowing a taxpayer to claim them as dependents for tax purposes, potentially reducing taxable income.