Which of the Following Allows Employees to Collectively Plan, Organize

question 74

Multiple Choice

Which of the following allows employees to collectively plan, organize, and control work activities with little or no direct involvement of a higher-status supervisor?

• A)Gainsharing teams
• B)Production teams
• C)Joint health and safety committees
• D)Self-directed teams
• E)Quality circles

Understand the accounting treatment and journal entry recording of exchanges involving similar and dissimilar assets.

Comprehend the concept of fair value and its application in asset exchanges.

Be able to calculate and recognize gain or loss on the exchange of nonmonetary assets.

Recognize the importance and method of recording assets acquired through donation.

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Definitions:

Variable Overhead Efficiency Variance

The difference between the actual variable overhead costs incurred and the expected variable overhead costs based on standard cost accounting practices.

Direct Labor-hours

The whole amount of production time by workers intimately involved in manufacturing.

Variable Manufacturing Overhead

Indirect manufacturing costs that fluctuate with production volume, such as utilities and indirect materials.

Standard Costing System

is an accounting method used to estimate the cost of production, based on standard costs for materials, labor, and overhead, for the purpose of budgeting and cost control.