Which of the Following Statements Is FALSE? the Purpose of the Competition

question 62

Multiple Choice

Which of the following statements is FALSE? The purpose of The Competition Act is

• A)to ensure small and medium sized businesses have an equitable opportunity to participate in the Canadian economy
• B)to provide consumers with competitive prices
• C)to maintain and encourage competition among businesses
• D)to ensure consumers are provided with product choices
• E)to fund new businesses that will provide more competition in certain industries

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Definitions:

Overapplied Amount

This term refers to a situation where the allocated or applied costs in cost accounting exceed the actual costs incurred.

Factory Overhead Rate

A cost allocation rate used in manufacturing to assign estimated overhead costs to production activities or output, based on a predetermined formula.

Direct Labor Hours

The total hours worked directly on the production of goods.

Overapplied Overhead

Occurs when the allocated manufacturing overhead costs are more than the actual overhead costs incurred, leading to adjustments in cost accounting records.