What is your personalized definition or description of accounting? Have your preconceptions about accounting changed since starting your accounting studies, and if so, how? Can you identify any everyday life instances where accounting principles might be relevant beyond business? (minimum 200 words) 2. Many companies recognize that their cost systems are inadequate for today's global market. As a result, managers in companies selling multiple products make important product decisions based on distorted cost information. Please describe some of the benefits management should expect from implementing activity-based costing. (minimum 200 words)

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Personalized Definition of Accounting Accounting is the systematic process of recording summarizing analyzing and interpreting financial transactions of an entity It involves the measurement communica... View the full answer