The Framework Adopts Which Approach to Determining Profits

question 4

Multiple Choice

The Framework adopts which approach to determining profits.

• A)Revenue/expense approach.
• B)Matching principle approach.
• C)Asset/liability approach.
• D)Cash basis approach.
• E)None of the given answers

Differentiate between product-focused, process-focused, and repetitive processes.

Analyze the effect of process selection on fixed and variable costs.

Understand the concept of mass customization and its implications on manufacturing and supply chains.

Identify the tools for process analysis and improvement, including crossover point calculation and process mapping/charts.

---

Definitions:

CSR Practices

Corporate Social Responsibility practices involve companies voluntarily exceeding legal requirements to benefit social and environmental causes.

Formal

Pertaining to official, structured, and often ceremonious procedures or arrangements within an organization.

Informal

Lacking official procedure or formal structure, often characterized by casual and relaxed interactions.

Visible Minority Group

An ethnic or racial group that is different from the majority population in appearance or culture, and is recognized as such in society.