In Any Organisation,what Three Characteristics of Information Are Crucial for Good

question 50

Multiple Choice

In any organisation,what three characteristics of information are crucial for good decision making and reporting?

• A)abundant,qualitative,and quantitative
• B)accurate,relevant,and timely
• C)frequently collected,broadly covered,and up-to-date
• D)rich,complete,and precise

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Definitions:

Alternative Uses

The various options available for the use of an asset, investment, or resource, often considered in decision-making processes.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, representing the benefits one misses out on when choosing one option over another.

Make-Or-Buy Decision

The decision-making process whereby a company evaluates the costs and benefits of manufacturing a product in-house versus purchasing it from an external supplier.

Fixed Overhead

Fixed overhead refers to indirect costs that remain relatively stable regardless of the level of production or sales, such as salaries of administrative personnel and depreciation of buildings.