Which of the Following Statements About Values Is True

question 115

Multiple Choice

Which of the following statements about values is true?

• A) Values define what is considered desirable and morally correct.
• B) Values are not effective guides for behavior because they are too abstract.
• C) Societal values are actually realized or achieved most of the time.
• D) Values almost always create conflict.

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Definitions:

Machine Hour

A unit of measure representing the operation of a machine for one hour, used in costing and budgeting for manufacturing.

Fixed Overhead Volume Variance

The difference between the budgeted fixed overhead costs and the fixed overhead costs actually allocated to produced goods, based on standard activity levels.

Overapplied

In cost accounting, refers to a situation where the allocated manufacturing overhead is more than the actual overhead incurred.

Underapplied

A situation in which the allocated or applied costs in accounting are less than the actual costs incurred.