Reference no: EM132561515

Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS):

Question 1: Reducing costs by eliminating activities that do not add value.___________

Question 2:  Preparing a performance report that compares actual costs with budgeted costs.________

Question 3:  Determine the cost of a supplier.___________

Question 4: Using cost information to decide whether to accept or reject a special order.__________

Question 5: Reporting a large contingent liability to current and potential shareholders._________

Question 6: Using future expected earnings to estimate the risk of investing in a public company.____

Question 7: Preparing a performance report that compares budgeted costs with actual cost.