The Accounting Systems of Most Business Organizations

question 33

Multiple Choice

The accounting systems of most business organizations:

• A)Are tailored to meet the organization's needs for accounting information and the resources available for operating the system.
• B)Are similar in design to the journals,ledgers,and worksheets illustrated in this text.
• C)Utilize data bases,rather than ledger accounts.
• D)Are designed by the CPA firm that performs the annual financial audit.

Determine the responsibility for variances in direct material costs.

Apply flexible budget principles to forecast costs and income under varying production levels.

Understand the relationship between fixed costs, variable costs, and production volume in financial planning.

Understand and calculate direct labor efficiency variance.

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Definitions:

Bonding Process

The development of a close, interpersonal relationship between individuals, such as between parents and their child.

Ecological Approach

A perspective in various disciplines that emphasizes the complex interactions between organisms and their environments.

Emotional Development

The process by which individuals acquire the ability to recognize, express, and manage emotions throughout life.

Frequent Moves

The repeated process of changing one's living location, which can impact various aspects of personal and family life including social relationships and schooling.