Which of the Following Statements Accurately Brings Out the Difference

question 43

Multiple Choice

Which of the following statements accurately brings out the difference between a time log and a to-do list?

• A) A time log is used for recording all levels of jobs, whereas a to-do list is used for recording only important or top-priority jobs.
• B) A time log is used exclusively by employees, whereas a to-do list is used by supervisors.
• C) A time log is a record that can be filled up only once a week, whereas a to-do list can be filled up at any time of the day.
• D) A time log is a record of the activities one actually did, whereas a to-do list records activities that one has to do in the future.

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Definitions:

Inventories

Items such as raw materials, work-in-progress, and finished goods that a company holds for sale in the ordinary course of business.

Net Operating Income

The total profit of a company after operating expenses are subtracted from total revenue but before deducting taxes and interest.

Absorption

The process in cost accounting of allocating all manufacturing costs, both fixed and variable, to individual units of production.

Variable Costing

A costing method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, used for internal decision-making processes.