Stakeholders Are

question 1

Multiple Choice

Stakeholders are:

• A) a new way to describe shareholders.
• B) individuals, groups, and organizations who have a stake in the success of the organization.
• C) creditors who hold a lien on the assets of the organization.
• D) attorneys and their clients who sue the organization.

---

Definitions:

Overapplied Overhead

A situation where the overhead allocated to products or services exceeds the actual overhead costs incurred.

Cost Accounting System

A method of accounting for the collection, recording, classification, analysis, and allocation of direct costs, indirect costs, and overheads to cost units and cost centres for budgeting, controlling, and decision making.

General Accounting System

The underlying system and processes used to record, classify, and report on financial transactions and conditions, ensuring accuracy and compliance with regulations.

Manufacturing Company

A type of business that produces finished goods from raw materials through the use of labor, machinery, and equipment, oftentimes in a systematic and standardized process.