When It Is Determined That the Research Project Will Require

question 38

Multiple Choice

When it is determined that the research project will require primary data,secondary data should:

• A)be discarded.
• B)not be collected as it will be a waste of resources.
• C)be consulted anyway.
• D)be utilized only if it conforms to the findings contained in the primary data.
• E)be used only in cases where the primary data is not gathered using accepted industry standards.

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Definitions:

Process Cost System

An accounting method used to track production costs when products are indistinguishable from each other and produced on a large scale.

Job Order Cost

A method of cost accounting that gathers the costs of manufacturing a specific batch or job, including labor, material, and overhead.

Manufacturing Overhead Rate

The ratio of manufacturing overhead costs to the base activity, used to allocate overhead costs to produced goods.

Machine Hours

A measure of production output or operation, calculated as the total number of hours that machinery is in use.