In Job-Order Costing, All of the Following Statements Are Correct

question 20

Multiple Choice

In job-order costing, all of the following statements are correct with respect to labour time and cost except:

• A)a machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job.
• B)time tickets are kept by employees showing the amount of work on specific jobs.
• C)labour cost that can be traced to a job only with a great deal of effort is treated as part of manufacturing overhead.
• D)the job cost sheet for a job will contain all direct labour charges to that particular job.

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Definitions:

Preempted Entry

A strategy employed by existing firms in a market to deter new competitors from entering the market, often through barriers to entry or aggressive competitive practices.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies if other players keep theirs unchanged; it represents a state of mutual strategy optimization.

Extensive Form

A representation of games (in game theory) that illustrates the sequence of moves, available strategies, and potential outcomes in a tree diagram.

First-Mover Advantage

The competitive advantage gained by the initial significant occupant of a market segment.