An Assessment of What Is Right or Wrong Can Be

question 54

Multiple Choice

An assessment of what is right or wrong can be made by considering _____ which focuses on the number of people that will be affected by one's action.

• A)society's opinion
• B)the consequences
• C)the likelihood of effect
• D)the reach of result

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Definitions:

Overapplied

This term relates to a situation where the allocated costs in accounting exceed the actual indirect costs.

Underapplied

A situation where the allocated overhead cost is less than the actual overhead cost incurred.

Work in Process Account

An account used in accounting to track the costs associated with the production of goods that are not yet complete.

Ending Balance

The amount of money in an account at the end of a period, after all additions and subtractions have been accounted for.