A Change in the Technique for Producing an Existing Product

question 73

Multiple Choice

A change in the technique for producing an existing product is known as

• A) process innovation.
• B) an increase in productivity.
• C) invention.
• D) investment.
• E) product innovation.

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Definitions:

Accumulated Depreciation

The total amount of an asset's cost that has been allocated as depreciation expense over its useful life.

Retroactive Changes

Adjustments made to records, policies, or financial statements that apply to previous periods.

Loss on Disposal

The financial loss incurred when an asset is sold for less than its book value.