Which of the Following Statements Is True of Competency Models

question 9

Multiple Choice

Which of the following statements is true of competency models?

• A) They are useful for a variety of HRM practices, not just training and development.
• B) They provide a tool for determining what skills are necessary to meet current and future needs.
• C) They provide common criteria for identifying appropriate training activities for employees.
• D) All of the above

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Definitions:

Closing

The process of finalizing accounts at the end of an accounting period by transferring balances to permanent accounts.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials and labor.

Standard Costs

Predetermined costs to manufacture a single unit of product, serving as a benchmark for measuring performance.

IMA

Stands for the Institute of Management Accountants, a professional organization that promotes the practice of management accounting and financial management.