The Assumption That "If It's Not Illegal, It Must Be

question 81

Multiple Choice

The assumption that "If it's not illegal, it must be ethical," ignores which of the following?

• A) Domain of codified law
• B) Domain of ethics
• C) Domain of free choice
• D) Domain of symbolism
• E) All of these

Understand the concept of labor efficiency variance and its impact on job costing.

Grasp the variable and fixed overhead efficiency variance and their roles in cost management.

Determine how quantity and price standards are used to control material and labor costs.

Evaluate when and why variances can be favorable or unfavorable in manufacturing overhead.

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Definitions:

Trade

The exchange of goods, services, or both between two or more parties, either within a country or across international borders.

Commodity Money

Anything that serves both as money and as a commodity; money that has intrinsic value such as gold or silver coins.

Double Coincidence

A situation in a barter system where two parties each hold an item the other wants, necessitating an exact match to complete an exchange.

Trade

The exchange of goods, services, or both between countries or individuals, allowing for the specialization and efficiency benefits.