The Three Types of Managers Are

question 62

Multiple Choice

The three types of managers are:

• A) general managers, functional managers, and project managers.
• B) general managers, functional managers, and specific managers.
• C) functional managers, project managers, and specific managers.
• D) functional managers, project managers, and staff managers.

Understand the role and calculation of direct labor in determining overhead rates and product costs.

Explain the purpose and components of a job cost sheet in recording and tracking job costs.

Describe the calculations involved in determining the cost of goods transferred to finished goods and the cost of goods sold.

Understand the application of overhead in a job order costing system and its impact on product costing and pricing.

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Definitions:

Stretching Payables

Paying invoices after they’re due according to the terms of sale. Also called leaning on the trade.

Short-term Loans

Loans that are scheduled for repayment within a short timeframe, usually less than one year.

Accounts Receivable

Accounts receivable refers to the money owed to a company by its customers for goods or services delivered but not yet paid for, representing a line of credit from the company to the customer.

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term health and efficiency of its operations.