Planning for Unexpected Events Is Also Known as Which of the Following

question 15

Multiple Choice

Planning for unexpected events is also known as which of the following?

• A)operational planning
• B)tactical planning
• C)strategic planning
• D)contingency planning

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Definitions:

January

The first month of the year in the Gregorian calendar.

Conversion Costs

The total expenses of direct labor and manufacturing overhead that are necessary to transform raw materials into completed goods.

Equivalent Units

A concept used in cost accounting to express the amount of materials, labor, and overhead a company has applied to produce partially completed goods in terms of fully completed units.

Work In Process

Inventory that includes materials that have been partially processed but are not yet completed products.