A Rule of Thumb in Industry Is That the Cost

question 54

Multiple Choice

A rule of thumb in industry is that the cost to correct an error in a database is approximately how many times the cost of entering the data initially?

• A)3
• B)5
• C)7
• D)10

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Definitions:

Molding Department

A specialized section in a manufacturing facility where raw materials are shaped into components through the molding process.

Weighted Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all units available for sale during the period.

Equivalent Units

A concept in cost accounting used to compute the costs associated with partially completed goods.

Welding Department

A specialized division within a manufacturing or engineering company focused on joining metal parts through the application of heat.