The Coming and Going Rule Provides Which of the Following

question 2

Multiple Choice

The coming and going rule provides which of the following?

• A) Agents are not liable for torts that they commit when going to or from work.
• B) Principals are not liable for torts committed by their agents while going to or from work.
• C) Commuting to or from work is considered within the scope of an agency.
• D) Commuting to or from work is considered to be a dual purpose mission.
• E) A principal is liable for any tort of an agent that occurs between the time the agent comes to work and the time the agent goes home.

Comprehend the concept of equivalent units and how they are calculated in a process costing system.

Recognize the procedure for calculating cost per equivalent unit under the weighted-average method, including the consideration of prior period costs.

Know the structure and components of a cost reconciliation report in process costing.

Distinguish between the weighted-average and first-in, first-out (FIFO) methods of process costing and the implications on equivalent units calculation.

---

Definitions:

Economic Profit

The total revenue of a business minus its explicit and implicit costs.

Least-Cost Production Technique

An approach in production that minimizes input costs for a given output level, optimizing resource use efficiency.

Competitive Market Economy

An economic system where supply and demand determine the prices of goods and services, with minimal government intervention.

Economically Most Efficient

The state of achieving the highest level of output with the lowest possible input, optimizing the use of resources without waste.