The Most Accurate Definition of a Performance Gap Is the Difference

question 8

Multiple Choice

The most accurate definition of a performance gap is the difference between

• A)what is and what could be.
• B)what was and what is.
• C)what two employees can accomplish.
• D)what one company does and what its competitors do.
• E)what is manually possible and what is technologically possible.

Know how to close out a month-end with either overapplied or underapplied manufacturing overhead to the Cost of Goods Sold.

Recognize how transactions are summarized and presented in financial statements including adjustments for prepaid expenses and job completion statuses.

Understanding the uses and functions of employee time tickets in job-order costing systems.

Comprehending the process and importance of computing predetermined overhead rates in cost accounting.

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Definitions:

Polygons

Closed, two-dimensional shapes composed of straight lines, with a finite number of sides.

Profit Margin

A financial ratio representing the percentage of revenue that remains as profit after all expenses have been deducted.

ROA

Return on Assets; a financial ratio indicating the profitability of a company relative to its total assets.

Total Assets

The combined value of all owned resources that have economic value and can provide future benefits to the business.