List and Describe Two Features of an Effective Accounting Information

question 93

Essay

List and describe two features of an effective accounting information system.

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Definitions:

Total Manufacturing Costs

The sum of all costs directly associated with the production of goods, including raw materials, direct labor, and manufacturing overhead.

Incurred

Refers to costs or expenses that have been realized or experienced by a business or individual.

Total Manufacturing Costs

The aggregate of all costs involved in the production of finished goods, including direct materials, direct labor, and factory overhead.

Raw Materials

The basic materials from which products are made, typically unprocessed or minimally processed before use in manufacturing.