Standard Costing Systems Are a Useful Tool When Using

question 8

Multiple Choice

Standard costing systems are a useful tool when using:

• A)just-in-time systems
• B)total quality management
• C)computer-integrated manufacturing systems
• D)All of these answers are correct.

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Definitions:

Shirking

Working at less than the expected rate of productivity, which reduces output. Shirking is more likely when workers are not monitored, so that the cost of lower output falls on others.

Corporate Business Structure

Corporate business structure refers to the legal organization of a company, often characterized by the issuance of shares, a board of directors, and liability protection for its shareholders.

Productive Contribution

The input or service provided by a factor of production towards the making of goods and services.

Corporate Form

A legal structure for businesses recognized as separate entities from their owners, providing limited liability protection and enabling easier access to capital.