Without Measuring, Pick the Best Choice

question 161

Multiple Choice

Without measuring, pick the best choice. 22 L is a measure of

• A) length
• B) capacity
• C) weight
• D) temperature __________ (answer A, B, C, or D )

Describe the flow of costs in a job order costing system, including the calculation of a predetermined overhead rate.

Discuss how the costs incurred on jobs are recorded and reported.

Explain the treatment of year-end factory overhead balances.

Understand the purpose and use of different types of documents in the costing process.

---

Definitions:

Competitive Markets

Markets characterized by a large number of buyers and sellers where no single entity has enough power to influence the price of goods or services significantly.

Four-firm Concentration Ratio

A measure indicating the total market share controlled by the four largest firms in an industry, used to determine the competitiveness of the market.

Localized Markets

Markets that are confined to a specific geographical area, where the products or services cater primarily to the local population.

Import Competition

Import competition involves domestic companies facing competition from foreign-produced goods and services in the domestic market.