Several Certifications Cover Computer Literacy or _______________ Literacy, the Phrase

question 3

Short Answer

Several certifications cover computer literacy or _______________ literacy, the phrase that means "what every person needs to know about computers to survive in the 21st century."

Differentiate between favorable and unfavorable variances and their implications on budgeting and cost control.

Identify the responsibilities of different departments (e.g., purchasing, production) in managing variances.

Apply standard costing methods to various scenarios in production and costing.

Understand the role of standard costing in strategic decision-making and process optimization.

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Definitions:

Return on Equity

A measure of financial performance calculated by dividing net income by shareholder equity, indicating how efficiently a company uses investments to generate earnings.

Return on Assets

A financial ratio that shows the percentage of profit a company earns in relation to its overall resources.

Accounts Receivable

Money that customers are required to pay to a company for goods or services that they have received or used, but have not yet paid for.

Inventory

The total amount of goods and materials held by a company intended for sale or used in production.