Which of the Following Is an Example of a Formal

question 53

Multiple Choice

Which of the following is an example of a formal organization?

• A) a community college basketball team
• B) the people in a New York City subway car
• C) the General Motors Corporation
• D) All of these answers are correct.

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Definitions:

Factory Overhead Applied

The allocation of overhead costs, such as utility and maintenance expenses, to the production process or products based on predetermined rates.

Actual Costs

Actual costs are the actual expenses incurred in the production or acquisition of goods and services, as opposed to estimated or budgeted costs.

Credit Balance

A balance that appears on the right side of an account, indicating that a company owes money or has a liability.

Process Cost Accounting System

An accounting system used to track and allocate costs of production by process or department, commonly employed in manufacturing environments with continuous, homogeneous outputs.