Common Features of Simulations--Generating Values from Probability Distributions, Maintaining Records

question 42

Multiple Choice

Common features of simulations--generating values from probability distributions, maintaining records, recording data and summarizing results--led to the development of

• A) Excel and Lotus.
• B) BASIC, FORTRAN, PASCAL, and C.
• C) GPSS, SIMSCRIPT, SLAM, and Arena
• D) LINDO and The Management Scientist

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Definitions:

Standard Costing System

An accounting method that uses estimated costs for planning and decision-making purposes.

Variable Overhead Spending Variance

The difference between the actual variable overhead costs incurred and the expected costs based on standard rates.

Standard Costing System

A cost accounting method that assigns expected costs to products, services, or cost units, used for budgeting and performance evaluation.

Direct Labour Hours

The total hours worked by employees who are directly involved in the production process, often used as a basis for allocating labor costs to products.