What Do Norms and Laws Have in Common

question 93

Multiple Choice

What do norms and laws have in common?

• A)Both norms and laws have consequences if violated.
• B)Both norms and laws are explicit.
• C)Both norms and laws are written down.
• D)Neither norms nor laws are capable of changing over time.

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Definitions:

Total Cost

The complete cost of producing goods or services, including fixed and variable costs.

Predetermined Overhead Rate

The rate used to allocate overhead costs to products or cost objects, determined at the beginning of the accounting period.

Factory Overhead

Refers to indirect manufacturing expenses including the costs of operating the factory that are not directly tied to individual products.

Direct Labor Cost

The expenses directly tied to the work of employees producing goods or services, typically wages for hours worked on specific tasks.