Corporate and Business-Level Goals and Strategies Require and Term Plans

question 111

Multiple Choice

Corporate and business-level goals and strategies require and term plans, respectively.

• A)long; intermediate
• B)intermediate; long
• C)long; short
• D)intermediate; intermediate
• E)short; intermediate

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Definitions:

Variable Component

Part of a cost or expense that changes in proportion with the level of activity or volume of output.

Fixed Component

A portion of a cost that does not change with the level of production or sales over the short term.

Overapplied

A scenario in which the overhead costs allocated are higher than the overhead costs that were actually incurred.

Standard Cost System

An accounting method that uses predetermined costs for valuing inventory and recognizes variances between these costs and actual costs.