A Small Company Has 7 Employees

question 89

Multiple Choice

A small company has 7 employees.The numbers of years these employees have worked for this company are shown as follows: Based upon this information,the mean number of years that employees have been with this company is:

• A)16.
• B) .
• C)8.40.
• D)10.

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Definitions:

Job Order Costing

A costing method used in manufacturing where costs are assigned to specific orders, batches, or lots.

Process Costing

A costing method used where similar products are manufactured in a continuous process. It assigns average costs to each unit, making it ideal for industries like refining or manufacturing.

Cost Accounting Systems

Systems utilized by businesses to track, record, and analyze costs associated with their operations, facilitating decision-making and financial planning.

Job Order Cost System

An accounting system that accumulates costs for each individual job or project to determine its total costs.