When a Research Team Has Gathered Data for Specific Research

question 56

Multiple Choice

When a research team has gathered data for specific research needs, this is known as

• A)primary data.
• B)data mining.
• C)secondary data.
• D)data recovery.
• E)data modeling.

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Definitions:

Standard Cost System

A cost accounting system that applies estimated costs to product costs for setting standards, controlling operations, and identifying variances or differences between actual costs and standard costs.

Direct Labor Costs

The total expense a company incurs for paying employees who are directly involved in the manufacturing of a product or the delivery of a service.

Standard Cost System

A cost accounting system that uses cost estimates for materials, labor, and overhead to assess performance by comparing these standard costs to actual costs incurred.

Work in Process

Inventory comprising goods that are in the production process but not yet completed.