What Are the Components of Total Manufacturing Costs

question 61

Multiple Choice

What are the components of total manufacturing costs?

• A)direct materials and direct labour only
• B)direct labour and manufacturing overhead only
• C)manufacturing overhead only
• D)direct materials, direct labour, and manufacturing overhead

Identify the characteristics that define a partnership as a legal entity.

Comprehend the implications of salary allowances on the division of net income in partnerships.

Understand the advantages and disadvantages of partnerships compared to corporations.

Recognize the factors involved in the formation and operation of a partnership.

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Definitions:

Diminishing Marginal Utility

The principle that as a consumer consumes more of a good, the additional satisfaction gained from each additional unit decreases.

Staples

Basic or essential goods and services that are consumed regularly by individuals or businesses.

Paper Clips

Paper clips are small pieces of bent wire or plastic used for holding sheets of paper together.

Marginal Utility

The additional satisfaction or utility that a person receives from consuming one additional unit of a good or service.