Discuss How Well the Medieval System Served the Interests of Chieftains

question 6

Essay

Discuss how well the medieval system served the interests of chieftains, slaves, renters, and wage workers.

---

Definitions:

Equivalent Units

A concept used in process costing that converts partially completed units into a number of fully completed units, to accurately measure output.

Conversion

In accounting, it refers to the process of changing raw materials into finished products, including the costs associated with such a transformation.

Weighted-Average Method

An inventory costing method that calculates the cost of units for sale during a period by averaging the costs of all similar goods available.

Equivalent Units

A concept used in cost accounting to standardize the amounts of work done on incomplete units, to fully completed units, thereby enabling a consistent cost analysis.