The __________ Involves Assessing an Event by Taking an Initial

question 47

Short Answer

The __________ involves assessing an event by taking an initial value from historical precedent or an outside source, and then incrementally adjusting this value to make a current assessment.

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Definitions:

Activity Bases

A reference used in managerial accounting to allocate costs to products or services, based on activities that generate costs, such as machine hours or labor hours.

Purchase Requisitions

An internal document used in a business to request the procurement department to order goods or services.

Payroll Checks

Payments made to employees representing wages earned during a pay period.

Investment Turnover

A measure of the efficiency of a company in using its investments to generate sales revenue.