Comparing a Census of a Large Population to a Sample

question 44

Multiple Choice

Comparing a census of a large population to a sample drawn from it, we expect that the:

• A)sample is usually a more practical method of obtaining the desired information.
• B)accuracy of the observations in the census is surely higher than in the sample.
• C)sample must be a large fraction of the population to be accurate.

Understanding the implications of overhead rate calculations on cost accuracy and financial reporting.

Understand and explain the concept and importance of manufacturing overhead in job-order costing systems.

Calculate predetermined overhead rates using different bases (machine-hours, labor-hours, etc.).

Understand how manufacturing overhead is applied to specific jobs using predetermined overhead rates.

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Definitions:

Adaptive Selling

A need-satisfaction presentation format that involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information.

Objections

Concerns or arguments raised by a customer or client against a product or service being sold.

Rationalizations

The process of providing reasonable explanations or justifications for decisions, actions, or beliefs, often in retrospect.

Need-satisfaction Presentation

A sales technique where the salesperson focuses on identifying and meeting the needs of the customer as a way to persuade them to purchase a product or service.