Statistical Benchmarks Are the Comparative Populations or Groups Against Which

question 23

Multiple Choice

Statistical benchmarks are the comparative populations or groups against which data collected are going to be analyzed and interpreted..An example of a benchmark discussed in the text is:

• A) out of state residents
• B) behavior of the judge in court
• C) accident records for not-at-fault drivers
• D) testimony of the defendant in court

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Definitions:

Direct Materials

Direct materials are raw inputs that are directly consumed in the manufacturing process of a product and can be directly attributed to that product.

Direct Labor

The labor cost of workers directly involved in the production of goods or services.

Process Costing

An accounting methodology that traces and accumulates direct costs, and allocates indirect costs, of a manufacturing process, costing each process separately.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, converting them into the amount of finished goods units that could have been produced with those costs.