Distinguish Between Microeconomics and Macroeconomics

question 13

Essay

Distinguish between microeconomics and macroeconomics.

Understand how to compute cost per equivalent unit for transferred-in costs as well as for conversion and material costs using the weighted average method.

Learn about the complexity of costing in a process that uses different materials for different products but shared labor and overhead costs.

Understand the basic components and purpose of the job order costing system.

Distinguish between job order costing and process cost accounting systems.

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Definitions:

Qualitative Methods

Research techniques that collect non-numeric data to understand concepts, thoughts, or experiences.

Simulations

The use of models or virtual environments to replicate or mimic real-life processes, scenarios, or environments for training, analysis, or prediction purposes.

Scenarios

Detailed, imagined situations used for strategic planning, decision making, or predicting outcomes of various action plans.

HR Budgets

Quantitative, operational, or short-run demand estimates that contain the number and types of jobs required by the organization as a whole and for each subunit, division, or department.