A basic distinction between the long run and the short run is thatA) if a firm produces no output in the long run, it still ncurs a cost. B) the opportunity costs of production are lower in the short run than in the long run. C) in the long run, some inputs are fixed while in the short run all inputs are varia ble. ort run, complete adjustment of all inputs is impossible, while in the long run all inputs can be adjusted.

Which of the following statements is true? a job costing system will have a separate work in process account for each of the major processes. a process costing system will have a single work in process account. a process costing system will have a separate raw materials account for each of the major processes. a process costing system will have a separate work in process account for each of the major processes.

Which of the following are considered needs? check all that apply

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers