The Utility We Get from Something

question 111

Multiple Choice

The utility we get from something:

• A) is a measurement of our direct benefit of consuming the good.
• B) is a measurement of the benefit of consuming the good relative to the opportunity cost.
• C) is a measurement of outside perceptions and inner preferences.
• D) is a measurement of outside benefits and inner costs.

---

Definitions:

Periodic Costing

An accounting method that allocates costs to accounting periods, rather than products, useful for companies with varying production levels.

Job Order Costing

Job order costing is an accounting method that tracks costs and revenues by specific jobs, allowing for detailed reporting of profitability by individual job.

Controlling Costs

Involves implementing measures and techniques to monitor and reduce business expenses to improve profitability without compromising the quality of goods or services.

Pricing Decisions

Pricing decisions involve determining the price at which a product or service will be offered to the market, taking into account costs, competition, and demand.