Data About Data Is Called Metadata

question 9

True/False

Data about data is called metadata.

Calculate equivalent units of production using the FIFO method.

Understand the role and calculation of direct materials, conversion costs, and equivalent units in process costing.

Differentiate between process costing and job order costing systems.

Analyze process costing data to calculate cost per equivalent unit for both materials and conversion costs.

---

Definitions:

Substitution Effect

The change in consumption patterns due to a change in relative prices, where consumers replace more expensive items with less costly alternatives.

Inferior Good

Items for which demand falls when the income levels of buyers go up, unlike standard goods that see an increase in demand with rising incomes.

Income Effect

How shifts in the financial status of individuals or whole economies affect their purchasing desires for specific goods or services.

Price Increase

An increase in the price of products or services.