An Activity Dictionary Lists the Activities in an Organization Along

question 25

True/False

An activity dictionary lists the activities in an organization along with some critical activity attributes.

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Definitions:

Revenues

Increases in owner’s equity as a result of providing services or selling goods to customers.

Budget Performance Report

A report that summarizes actual costs, standard costs, and the differences for the units produced.

Cost Centers

Parts of an organization to which costs can be allocated, but which do not directly generate revenues.

Operating Expenses

Costs incurred during the normal functioning of a business, excluding the cost of goods sold.