Industries Change Mainly as a Result Of

question 54

Multiple Choice

Industries change mainly as a result of:

• A)Government policies
• B)The death of existing firms and the birth of new firms
• C)Continuous adaptation by a constant population of firms
• D)Changing customer preferences.

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Definitions:

Job-Order Costing System

A cost accounting system that assigns manufacturing costs to each product, allowing detailed tracking of expenditures.

Direct Labor-Hours

The total hours of labor work directly on manufacturing a product or providing a service, often used in costing and pricing decisions.

Milling Department

A section within a manufacturing facility where the process of grinding, cutting, pressing, or crushing materials occurs.

Overhead Applied

The portion of manufacturing overhead costs allocated to each unit of production based on a predetermined rate or method.