The PRODUCT Entity Instance Is the Collection of All PRODUCT

question 49

True/False

The PRODUCT entity instance is the collection of all PRODUCT entity classes.

---

Definitions:

Direct Labour Hours

Direct labour hours refer to the amount of time spent by workers directly involved in the manufacturing process of a product or service.

Cost Driver

A factor that causes or relates to a change in the cost of an activity or product.

Activity-Based Budgeting (ABB)

A budgeting approach that determines the cost of activities necessary for producing a product or service, aiming to improve cost efficiency.

Activity-Based Costing (ABC)

A costing methodology that assigns overhead and indirect costs to specific activities, thereby providing more accurate cost information.