The Tendency to Solve New Problems with an Approach That

question 155

Multiple Choice

The tendency to solve new problems with an approach that solved similar problems in the past is called

• A)insight.
• B)an algorithm.
• C)a mental set.
• D)intelligence.

Analyze the effect of direct labor cost recording on various variance columns.

Determine the effect of recording raw materials used in production on the Raw Materials inventory account.

Identify the impact on Cost of Goods Sold when standard cost variances are closed.

Assess the impact of recording direct labor costs on the Cash account.

---

Definitions:

Intangible Resources

Non-physical assets that have value to an organization, such as intellectual property, brand reputation, and human skills.

Tangible Resources

Physical and material assets owned by a company, such as buildings, machinery, and inventory, which can be seen and quantified.

Technical Skills

These are abilities and knowledge in a specific domain that enable individuals to perform specific tasks proficiently, often related to practical tasks and technology use.

Human Skills

The ability to relate to other people