A Manager Who Is Serving on the Board of Directors

question 53

Multiple Choice

A manager who is serving on the board of directors of an outside organization is assuming the role of ________.

• A) spokesperson
• B) leader
• C) liaison
• D) figurehead

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Definitions:

Equivalent Units

Equivalent units refer to a conversion measure used in cost accounting to express the amount of work done by manufacturers on units that are only partially completed at the end of an accounting period.

Process Costing System

An accounting methodology used in manufacturing, where costs are assigned to processes or departments and averaged over the units produced, suitable for homogeneous products.

Lumber Mill

A facility where logs are cut, planed, and processed into lumber and other wood products for construction and manufacturing.

Process Cost System

An accounting method used to track costs associated with producing homogenous products in continuous processes.