Product Costing System Design or Selection

question 80

Multiple Choice

Product costing system design or selection:

• A)Is cost management expertise.
• B)Requires an understanding of the nature of the business.
• C)Should provide useful cost information for strategic and operational decision needs.
• D)Should be cost effective in design and operation.
• E)All the above answers are correct.

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Definitions:

Attributes

Characteristics or properties of an object, person, or event.

Qualitative Data

Data that describes qualities or characteristics, often categorized by labels or names and not by numbers.

Standard Deviation

A statistic that measures the dispersion or variability of a set of data points from their mean.

Proportion

A portion, fraction, or quantity evaluated in relation to its entire magnitude.