A Quantitative Expression of a Plan of Action Is a

question 81

Multiple Choice

A quantitative expression of a plan of action is a

• A) variance.
• B) performance report.
• C) control.
• D) budget.

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Definitions:

Weighted-Average Method

A method of costing inventory that calculates the cost of goods based on the average price of all similar items available throughout the period.

Process Costing

A costing method used for homogeneous products, where costs are pooled and then assigned to units, making it suitable for industries like chemicals or food processing.

Weighted-Average Method

A method that determines the cost of goods sold and the final inventory by averaging the cost of all items available for sale.

Process Costing

A costing methodology used in manufacturing where costs are assigned to batches of products instead of individual units, useful for homogeneous products.