Integrated Information Processing Systems That Tie Together Managerial Accounting,financial Reporting,customer

question 41

Multiple Choice

Integrated information processing systems that tie together managerial accounting,financial reporting,customer databases,supply chain management and other data bases are

• A)not technically feasible.
• B)required by the Internal Revenue Service regulations.
• C)not in accordance with generally accepted accounting principles.
• D)now commercially available.

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Definitions:

Ending Inventory

The total value of all the goods a company has in stock at the end of a financial period, which have not yet been sold or used in production.

Recent Cost

The latest cost incurred for goods or services, reflecting the most up-to-date pricing information.

Inventory

The total amount of goods and materials held by a company with the intent of resale or as part of the production process.

Profit

The financial gain realized when the revenues generated from business activities exceed the expenses and costs incurred in generating those revenues.