The University of Ontario Had Obtained Grants from the Government

question 33

Multiple Choice

The University of Ontario had obtained grants from the government to improve the facilities for students.The faculty members at the university recommended the purchase of books of some authors to be stored in the library.The faculty members are playing the role of:

• A)decider.
• B)influencer.
• C)gatekeeper.
• D)initiator.
• E)user.

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Definitions:

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of production costs.

Raw Materials Inventory

The stock of basic materials that are used in production but have not yet been processed.

Standard Costs

Predetermined or budgeted costs for materials, labor, and overhead, used as benchmarks to measure actual performance and manage costs.

Standard Costs

Standard costs are estimated expenses related to the production of goods or services under normal conditions.