Life-Cycle Budgeting Differs from Life-Cycle Costing in That

question 16

Multiple Choice

Life-cycle budgeting differs from life-cycle costing in that

• A)budgeting includes revenues and costs, and costing includes only the costs.
• B)budgeting includes all products of a company and costing is only for individual products.
• C)budgeting is for the development and production of a product while costing is for only the production activities.
• D)budgeting is for one accounting period and is a total dollar concept while costing is a per unit concept.
• E)budgeting includes revenues, and costing includes only the costs.

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Definitions:

Survivorship

The percentage of members of a group that are likely to survive to any given age.

Age Structure Diagram

A graphical representation showing the distribution of a population by age and sex, which helps to predict population growth trends.

Developed Country

A country with a highly developed economy and advanced technological infrastructure relative to other less industrialized nations.

Type-I Survivorship

A survivorship curve characterized by high survival rates of the young and middle-aged, with most mortality occurring among the elderly.