What Are the Three Basic Levels of the Managerial Hierarchy

question 67

Multiple Choice

What are the three basic levels of the managerial hierarchy?

• A) planning, coordinating, and controlling
• B) strategic, tactical, and functional
• C) top, middle, and supervisory
• D) functional, process, and product

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Definitions:

Conversion Costs

The combined costs of direct labor and manufacturing overhead incurred to convert raw materials into finished products.

Weighted-Average Method

An inventory valuation method that calculates the cost of goods sold and ending inventory based on the average cost of all goods available for sale during the period.

Equivalent Units

A concept in cost accounting used to equate units partially completed at the end of a period to units of finished goods.

Materials Cost

The total expense incurred by a company to purchase raw materials used in the production of goods or services.