The Opinion Is a Technique for Evaluating Opinions by Taking

question 6

Short Answer

the opinion is a technique for evaluating opinions by taking the exact opposite of the opinion and determining if a case can be made for it.

Identify standards as performance goals for evaluating and controlling operations.

Define variance and understand its role in cost control and performance evaluation.

Recognize the significance of financial reporting systems guided by the principle of exceptions.

Understand the concept and application of standard cost systems in accounting.

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Definitions:

Salvage Value

The estimate of an asset's worth at the end of its useful life.

Average Accounting Return

A financial ratio that measures the net profit of a project or investment as a percentage of its initial cost.

Straight-line Depreciation

A method of allocating the cost of a tangible asset over its useful life in equal yearly amounts.

Net Income

The comprehensive earnings of a corporation after expenses and taxes have been taken away from its revenues.