Concerning the Relationship from the Rent Item to the Receive

question 19

Multiple Choice

Concerning the relationship from the Rent Item to the Receive Cash events: The minimum cardinality is ________ because customers typically pay first,prior to taking possession of the item.The maximum cardinality is ________ because there may be additional charges imposed when the item is returned.

• A)0;1
• B)1;1
• C)1;N
• D)N;M

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Definitions:

Standard Cost System

A cost accounting system that assigns costs to products based on predetermined standards for materials, labor, and overhead.

Work in Process

Inventory consisting of items that are in the process of being produced but are not yet completed.

Budgeted Fixed Manufacturing Overhead

Budgeted fixed manufacturing overhead refers to the estimated total of all manufacturing costs that do not change with the level of production, such as salaries and depreciation, for a specific period.

Standard Cost System

An accounting method that uses standard costs for the cost of materials, labor, and overhead to evaluate performance and control costs.