Which of the following bestdescribes accounting?
a. Records economic data but does not communicate the data to users according to any specific rules.
b. Is an information system that provides reports to users regarding economic activities and condition of abusiness.
c. Is of no use by individuals outside of the business.
d. Is used only for filling out tax returns and for financial statements for various type of governmental reportingrequiremen ts.
Question 2
When a normal costing system is used, clients using proportionately more full-time employees than trainees will ________.
A) be overbilled for actual resources used
B) be underbilled for actual resources used
C) be billed accurately for actual resources used
D) result in an underallocation of direct costs
