The Legal Department Is Needed to Review All Contracts a Project

question 31

True/False

The legal department is needed to review all contracts a project organization enters.The legal department is continually swamped with work and all other departments find themselves waiting on legal before they can begin their work.Legal is the drum for this organization.

---

Definitions:

Materials Cost

The total expense incurred from acquiring raw materials used in the production of goods.

Average Cost Method

An inventory costing method where the cost of goods sold and ending inventory are determined by calculating the average cost of all inventory items.

Equivalent Unit

A measure used in cost accounting to express the amount of work done on incomplete products in terms of complete units of output.

Departmental Work

Refers to the division of tasks and responsibilities into specific departments within an organization, each with its specialized function.