A(n)________ View of Ethics States That More Productive Workers Should

question 31

Multiple Choice

A(n) ________ view of ethics states that more productive workers should get more pay and less productive workers less pay, regardless of other circumstances.

• A)rights
• B)utilitarian
• C)theory of justice
• D)individual liberties

Understand the basic concepts and definitions of standard costing, including direct labor, efficiency standards, and standard costs.

Differentiate between ideal standards and normal standards and their impact on variances.

Recognize how standard costs are implemented and utilized within the general ledger and accounting systems.

Appreciate the process and complexity involved in setting standard costs, including the roles of various departments.

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Definitions:

Statement of Cash Flows

A financial report summarizing the total cash inflows and outflows experienced by a company.

Operating Activities

The day-to-day actions that businesses undertake to generate earnings, such as selling products or services.

Financing Activities

Activities that result in changes in the size and composition of the equity and borrowings of a company, as reported in the cash flow statement.

Statement of Cash Flows

is a financial statement that details the inflows and outflows of cash within a company over a specific period, highlighting its operating, investing, and financing activities.