Natural Resources

question 88

Multiple Choice

Natural resources

• A)are inputs provided by nature.
• B)include land,rivers,and mineral deposits.
• C)take two forms: renewable and nonrenewable.
• D)All of the above are correct.

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Definitions:

Job Order Cost System

An accounting system that accumulates costs for each individual job or project, suitable for businesses producing unique products or services.

Process Cost System

An accounting system used to assign costs to units of production in continuous processes, tracking costs across various departments or stages of production.

Factory Labor

The workforce engaged in the manufacturing process within a factory, whose wages are considered a direct cost in the production of goods.

Selling and Administrative Expenses

Costs incurred that are not directly tied to the production of goods or services, such as salaries, rent, and advertising costs.