Match the Following Terms with the Appropriate Definition

question 175

Multiple Choice

Match the following terms with the appropriate definition.
-Persons using accounting information who are not directly involved in running the organization.

• A)Internal users
• B)Fraud triangle
• C)Managerial accounting
• D)Ethics
• E)External users
• F)Certified Public Accountant (CPA)
• G)Financial accounting
• H)Accounting
• I)Recordkeeping

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Definitions:

Cost Distortion

An inaccurate allocation of costs to products, often resulting from traditional costing methods that can overstate or understate the true costs of goods.

Activity-based Costing Systems

A method in accounting that assigns costs to products or services based on the activities that go into producing them, aiming to provide more accurate costing.

Production Runs

The process of manufacturing a certain quantity of products at one time, often measured as a batch or lot.

Traditional Costing

An accounting method that allocates overhead costs to products based on a predetermined rate, often linked to production volume.