Answered: Choose ONE of the MAS studied in this…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Choose ONE of the MAS studied in this unit from the list below, and answer the questions that follow: • Budgeting System

• Standard Costing System

Questions:

1. Briefly discuss the features of your chosen MAS.
2. Discuss the potential benefits of your chosen MAS.

3. List 4 specific examples of the type of information your chosen MAS can provide to assist managers make decisions.

4. Identify 1 specific Australian organisation that your chosen MAS is suited for and explain why.

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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