It Has Been Suggested That Labour and Management Necessary for the Upkeep

question 27

Multiple Choice

It has been suggested that labour and management necessary for the upkeep of ________ led to the formation of a political elite.

• A) an army
• B) extensive trade networks
• C) herds
• D) temples
• E) an irrigation system

Differentiate between cost concepts including product costs versus period costs, and direct versus indirect costs.

Identify the components of product costs and understand what constitutes prime costs and conversion costs.

Recognize the accounting treatment for factory overhead and product costs in manufacturing.

Comprehend the significance of direct materials and direct labor in product cost determination.

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Definitions:

ERG Theory

A theory of human motivation that categorizes needs into three groups: Existence, Relatedness, and Growth, suggesting that individuals seek to fulfill these needs in a hierarchical order.

Existence Needs

Basic human needs for physiological and material well-being, such as food, shelter, and safety, based on Abraham Maslow's hierarchy of needs.

Perceived O/I Ratio

The perceived ratio of outputs (rewards) to inputs (efforts), often used in organizational psychology to explain motivation and job satisfaction.

Sales Commissions

A part of compensation given to sales employees based on the volume or value of sales they have generated.