Describe a Cost Management Information System, Its Objectives, and Major

question 159

Essay

Describe a cost management information system, its objectives, and major subsystems.
The cost management information system is an accounting information subsystem that is primarily concerned with producing outputs for internal users using inputs and processes needed to satisfy management objectives.
The objectives are as follows:

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Definitions:

Demand Curve

A graph illustrating how much of a good consumers will buy at different prices, showing the relationship between price and quantity demanded.

Good Sold

Items or services that have been purchased by consumers.

Tax on Sellers

A financial charge or levy imposed on product producers or sellers by the government, which often leads to the market price of the product increasing to cover the cost of the tax.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability.