The Process of Multiplying Survey Data by Some Factor Judged

question 22

Multiple Choice

The process of multiplying survey data by some factor judged to reflect the difference between a survey benchmark job and a company job is called _____.

• A)updating
• B)point factor adjustment
• C)lead/lag policy adjustment
• D)survey leveling

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures used in compiling financial statements.

LIFO Method

"Last In, First Out," an inventory accounting method where the most recently acquired items are assumed to be sold first.

Journal Entries

The individual records of financial transactions in a company's accounting system.

Cost of Goods Sold

An accounting term for the direct expenses related to producing the goods sold by a company, including materials and labor.