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Luisa, the director of human resources, is discussing the duties and responsibilities of a new position and its working conditions with Delmar, the supervisor of the position. Luisa and Delmar are discussing a ________.
Financial Accounting Reports
Formal documents that communicate an organization's financial performance and position to external stakeholders, including income statements and balance sheets.
GAAP
Generally Accepted Accounting Principles; a set of rules and standards for financial reporting used in the United States.
Prime Costs
The combined total of direct labor and direct materials cost incurred in the manufacturing of products.
Direct Materials
Raw materials that are directly traceable to the production of a specific product and are an integral part of the finished product.
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