Most Accounting Information Systems Comprise Five Generic Elements

question 59

Multiple Choice

Most accounting information systems comprise five generic elements.As a tool for preparing financial statements, XBRL is most closely associated with:

• A)Processing
• B)Input
• C)Output
• D)Storage

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Definitions:

Unfavorable

A term used in variance analysis to describe a situation where actual results are worse than expected results, often leading to a negative impact on financial performance.

Raw Materials Price Variance

This variance highlights the difference between the actual cost of raw materials used in production and the standard or expected cost.

Variable Overhead Efficiency Variance

The difference between actual and budgeted variable overhead costs, attributable to differences in productive efficiency.

Favorable

A term used in finance and accounting to describe a situation or variance that is better than expected or budgeted, often indicating profits or gains.