A Limited Advice Plan

question 7

Multiple Choice

A limited advice plan:

• A) considers all aspects of the client's personal circumstances, needs and objectives.
• B) is also termed scaled advice.
• C) is often sought and requested by clients seeking financial advice on a particular issue or specific circumstances, for example research on a particular product, investigation into negative gearing strategies, or salary packaging.
• D) both b and c

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Definitions:

Equivalent Units

Equivalent units, in managerial accounting, are a concept used in process costing that represents the amount of work done during a period in terms of fully completed units of output.

Materials Costs

The expenses associated with the raw materials used in the production of goods.

Work In Process

Inventory that includes all materials, labor, and overhead costs incurred for products that are in the production process.

Physical Units

Refers to the actual countable quantity of items, goods, or products, without considering their value or cost in financial terms.