The Production Cycle Differs from the Revenue and Expenditure Cycles

question 77

Multiple Choice

The production cycle differs from the revenue and expenditure cycles for all the following reasons except

• A)cost accounting is involved in all activities.
• B)not all organizations have a production cycle.
• C)there are no direct external data sources or destinations.
• D)very little technology exists to make activities more efficient.

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Definitions:

Industry Canada

A department of the Canadian government formerly responsible for economic development, innovation, and scientific research, now part of Innovation, Science and Economic Development Canada.

Department of Industry Act

Legislation that establishes and defines the powers, responsibilities, and organization of a country's Department of Industry or similar entity.

F.O.B. Contracts

F.O.B. (Free on Board) Contracts are commercial agreements where the seller is obligated to deliver goods on board a vessel chosen by the buyer at a specified location, with the buyer taking responsibility for the goods once they're onboard.

Title

A formal right of ownership of property, indicating the holder has legal control and rights regarding its use or transfer.