Under the Articles of Confederation

question 33

Multiple Choice

Under the Articles of Confederation

• A) the armed forces of the United States consisted of state militias.
• B) the Continental Congress had the power to lay taxes on citizens.
• C) there was no president.
• D) the Continental Congress required only a simple majority to make decisions; the unanimous consent of all states was not necessary.

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Definitions:

Product Cost

Product cost is the total expense incurred to produce and deliver a good or service, including direct materials, direct labor, and manufacturing overhead.

Drill Bits

Cutting tools used to remove material to create holes, almost always of circular cross-section.

Plant Assembly

This refers to the process of constructing finished goods from raw materials in a manufacturing facility.

Process Costing

An accounting methodology used for homogeneous products, where costs are assigned based on an average per unit, useful for continuous manufacturing settings.