For Each of the Following Cost Standards,indicate Which Manager Is

question 125

Essay

For each of the following cost standards,indicate which manager is responsible for the standard,and list one factor that should be used in setting the standard.
$$\begin{array} { | l | l | l | } \hline \text { Cost standard } & \text { Responsible manager } & \text { Factor used in setting the standard } \\\hline \text { Direct materials } & & \\\hline \text { Direct labor } & & \\\hline\end{array}$$

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Definitions:

Timing

The selection of the most appropriate point or period to initiate or execute an action to achieve the desired outcome.

Open-book Management

A management strategy where employees are given access to financial information about the company to involve them more in its operations.

Macro-aging Schedule

A method used in financial analysis that categorizes accounts receivable or other financial assets based on the period of time they have been outstanding.

Current Ratio

A financial metric used to evaluate a company's ability to pay off its short-term liabilities with its short-term assets.