In Order to Determine Product Costs, JIT Firms Are Usually

question 113

Multiple Choice

In order to determine product costs, JIT firms are usually structured so they can use:

• A)job-order costing
• B)process costing
• C)joint costing
• D)variable costing

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Definitions:

Consumption

The portion of income spent on goods and services rather than saved.

Billion

A number equivalent to one thousand million (1,000,000,000) or, in some number systems, a million million (1,000,000,000,000).

Saving

The portion of income not spent on current consumption but set aside for future use, often in a deposit account or as an investment.

Disposable Income

The sum of funds a family can use for expenditures and savings once income taxes are deducted.