The Term Used to Describe the Science of Organizing and Analyzing

question 46

Multiple Choice

The term used to describe the science of organizing and analyzing information to make the information more easily understood is ______.

• A)analysis
• B)data
• C)statistics
• D)interpretation

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Definitions:

Direct Materials

Raw materials that are directly traceable to the production of a specific product and are a significant component of manufacturing expenses.

Nonmanufacturing Cost

Expenses that are not directly associated with the production of goods, including selling, general, and administrative expenses.

Period Cost

Costs that are not directly tied to the production process and are expensed in the period they are incurred.

Product Cost

The total expense incurred to manufacture a product or deliver a service, including materials, labor, and overhead costs.