Accounting

7049 Words Dec 5th, 2011 29 Pages
Acct 340-Midterm Review

Multiple Choice
Identify the choice that best completes the statement or answers the question.

____ 1. Which of the following is NOT a process associated with an accounting information system?
|a. |auditing existing data |
|b. |collecting and recording data |
|c. |providing information to users |
|d. |analyzing and managing data |

____
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|a. |cost information in accordance with GAAP |
|b. |cost information about processes and activities |
|c. |financial information for external users |
|d. |cost information about products, customers, and services |

____ 5. Cost accounting
|a. |is concerned with assigning costs to various cost objects. |
|b. |attempts to satisfy the costing objectives of both financial accounting and management accounting. |
|c. |provides cost information that supports planning, controlling, and decision making. |
|d. |all of these. |

____ 6. Which of the following activities is associated with the cost management information system?
|a. |preparing reports for division managers |
|b. |preparing reports for the IRS |
|c. |preparing reports for the

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