Most of Us Tend to Think of and Identify Concepts

question 435

Multiple Choice

Most of us tend to think of and identify concepts in terms of ideals or models called

• A)prototypes.
• B)algorithms.
• C)conjunctions.
• D)disjunctions.

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Definitions:

Favorable Variances

Differences between expected and actual financial performance that result in better-than-expected profitability or cost savings.

Standard Costs

Represents the expected cost of producing or purchasing items, used for budgeting and cost control purposes.

General Ledger

A ledger that contains all asset, liability, and owner’s equity accounts.

Normal Standards

Predetermined costs or benchmarks that are established based on the historical performance and expected future costs, used to measure production efficiency and budget compliance.