The Use of Information Technology to Monitor and Control a Physical

question 126

Multiple Choice

The use of information technology to monitor and control a physical process is known as:

• A) process control.
• B) computer-aided design.
• C) information numeric control.
• D) numeric control.
• E) IT oversight.

Understand the impact of actual vs. standard machine-hours on overhead variances.

Apply standard costing methods to recording transactions in a worksheet.

Analyze and interpret fixed and variable manufacturing overhead variances.

Apply standard cost variances to affect the Cost of Goods Sold.

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Definitions:

Profit Centers

Divisions or branches within a company that are treated as separate business units, with their own revenues and expenses.

Division Revenues

The total income generated by a specific division or segment of a company from its operational activities.

Division Profits

The earnings generated by a specific division within a larger company, highlighting its financial performance.

Company-wide Profit

The total earnings or net income generated by all operations and departments of a business.