Accounting information systems generate both monetary and non-monetary accounting information. List two examples of each type of accounting information
Monetary accounting information generated by an accounting information system includes sales, net income, total assets, and costs of product or services.
Non-monetary accounting information generated by an accounting information system includes: number of budgeted labor hours, the number of units necessary to break even, and the time it takes to manufacture a product.
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Transfer prices are often called artificial or created prices
Indicate whether the statement is true or false
Which of the following is an intangible component of a car repair shop?
A. Customer waiting area B. Replacement parts C. Barrel for storing recyclable motor oil D. The training the mechanic has received E. Employee uniforms
Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and dividends accounts for the upcoming period and to update the retained earnings account for the events of the period just finished are referred to as:
A. Final entries. B. Work sheet entries. C. Updating entries. D. Closing entries. E. Adjusting entries.
The gross domestic product (GDP) of Sweden is $498.1 billion (2016 est.), with a real GDP growth rate of 3.6% (2016 est.), and GDP per capita of $49,700 (2016 est.). The GDP of Poland is $1.052 trillion (2016 est.), with a real GDP growth rate of 3.1% (2016 est.), and GDP per capita of $27,700 (2016 est.). The GDP of Botswana is $36.51 billion (2016 est.), with a real GDP growth rate of 3.1% (2016 est.), and GDP per capita of $16,900 (2016 est.). When comparing the gross domestic product (GDP) numbers of these three nations, which of the following conclusions would be appropriate?
A. Of the three nations, Sweden has the lowest growth rate with the other two nations tied for second place. B. While Poland has a higher GDP, individuals in Sweden produce more per capita and Botswana produces less per capita and has the lowest GDP of the three nations. C. Of the three nations, Botswana produces the least per capita with Poland second and Sweden the most. D. These three nations have roughly the same GDP figures.