Figure 9-6 -Zelzar Has Decided to End Its Policy of Not Trading

question 117

Multiple Choice

Figure 9-6
-Zelzar has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing incense, exporting steel, and neither importing nor exporting rugs. Which groups in Zelzar are better off as a result of the new free-trade policy?

• A)producers of incense and consumers of steel
• B)consumers of all three goods
• C)consumers of incense and producers of rugs
• D)producers of steel and consumers of incense

Analyze the impact of direct and indirect materials and labor on product costing.

Define the control accounts' role and their significance in cost accounting systems.

Know the principles of internal control systems related to material requisition and labor reporting.

Apply knowledge of cost flows to solve problems involving the calculation of cost of goods manufactured and sold.

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Definitions:

Discretion

The quality of behaving or speaking in such a way as to avoid causing offense or revealing private information; the ability to make responsible decisions.

Participative Leadership

A leadership style that involves seeking input and involving team members in decision-making processes.

Enlist

To recruit or gain the support of individuals or resources for a specific purpose or project.

Important Decisions

Critical choices or judgments that have significant consequences for an individual or organization.