What Three Differences Exist Between Long-Range Planning and Budgeting

question 72

Multiple Choice

What three differences exist between long-range planning and budgeting?

• A)amount of detail, content, and emphasis
• B)time periods involved, amount of detail, and content
• C)content, emphasis, and amount of detail
• D)emphasis, time periods involved, and amount of detail

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Definitions:

Job Order Cost Accounting

A system used to assign manufacturing costs to an individual product or batches of products, typically in customized or non-repetitive manufacturing environments.

T Accounts

A visual representation used in accounting to depict the debit and credit sides of an account.

Manufacturing Overhead

All indirect costs related to the manufacturing process, including but not limited to, rent, utilities, and salaries of non-direct labor.

Direct Labor Incurred

The cost of wages paid to workers directly involved in the production of goods or services.