Which of the Following Is Not Necessarily an Element of a Good

question 8

Multiple Choice

Which of the following is not necessarily an element of a good forecast?

• A)estimate of accuracy
• B)timeliness
• C)meaningful units
• D)low cost
• E)written

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Definitions:

Unit Product Costs

Unit product costs are the total expense incurred to produce, store, and sell one unit of a product, including material, labor, and overhead rates.

Job M825

A specific task or project identified by a unique code, in this case, M825, likely within a job costing system.

Markup

The disparity between a product or service's cost and its retail price, represented as a percentage increase from the cost.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products, calculated before the period begins based on the relationship between estimated overhead costs and an allocation base.