The Production Database Containing Information About Each of the Components

question 64

Multiple Choice

The production database containing information about each of the components that a firm produces or purchases is the

• A) routing file.
• B) work-centre master file.
• C) control file.
• D) item master file.
• E) component file.

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Definitions:

Standard Costs

Pre-determined or estimated costs of manufacturing, selling, or performing a service under normal conditions.

Management By Exception

A management strategy where only significant deviations from a budget or plan are brought to the attention of management.

Ideal Standards

Benchmark levels of performance set at the highest achievable conditions without allowances for normal inefficiencies.

Master Budget

The Master Budget is a comprehensive financial planning document that consolidates all of a business's individual budgets, providing a complete financial overview for a future period.