Tacit Knowledge Refers to the Knowledge of One's Own Cognitive

question 118

True/False

Tacit knowledge refers to the knowledge of one's own cognitive processes and how they can be used effectively.

---

Definitions:

Standard Variable Overhead Rate

A predetermined rate applied to estimate the variable overheads based on a specific activity base.

Standard Hours Per Unit

The estimated time required to produce one unit of a product under standard operating conditions.

Actual Output

The real quantity of goods or services produced by a company, as opposed to estimated or planned production levels.

Standard Cost System

An accounting system that uses predetermined costs for products or services to facilitate variance analysis and budgeting.