Consider the Following List of Items That Might Appear in a Risk/control

question 70

Multiple Choice

Consider the following list of items that might appear in a risk/control matrix:
i.At least twice a week
ii.Corrective
iii.Human error
iv.Inability to access class materials due to network outage
v.Insufficient time to study
vi.Local data backup
vii.Maximum budget = $50
Viii.Preventive
ix.Systems
x.Time management software
Which of the following items are most likely to be grouped on a single row?

• A)I, II, III, IV, V
• B)I, III, VII, VIII, X
• C)III, V, VII, VIII, X
• D)III, VI, VII, VIII, X

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Definitions:

Conversion Costs

The sum of labor and overhead expenses incurred in the process of transforming raw materials into finished goods.

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all units available for sale during the period.

Assembly Department

The section of a manufacturing plant where components are put together to form a finished product.

Conversion Costs

Costs related to turning raw materials into finished goods, typically including direct labor and manufacturing overhead.