The Study of Business Operations for the Purpose of Making

question 77

Multiple Choice

The study of business operations for the purpose of making recommendations about the efficient use of resources,effective achievement of business objectives,and compliance with company policies is referred to as

• A) Environmental auditing.
• B) Financial auditing.
• C) Compliance auditing.
• D) Operational auditing.

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profit or loss.

Standard Direct Materials

The predetermined cost and quantity of direct materials that are expected to be used in the production of a product.

Direct Materials Price

The cost per unit of raw materials used in the production of goods.

Standard Costs

predetermined costs assigned to goods and services, used as a benchmark for measuring performance.