Which of the Following Statements Describes Individuals Engaged in Management

question 139

Multiple Choice

Which of the following statements describes individuals engaged in management?

• A) The worker welds parts together.
• B) The quality control employee inspects boxes of cake mix as they come off the line.
• C) The auto repair worker changes the oil in a customer's car.
• D) The plant manager has set an organizational goal of reducing plant waste by 5 percent during the next fiscal year.
• E) All of these choices

Describe the characteristics and advantages of a voucher system.

Understand the principles and benefits of electronic funds transfers (EFT).

Apply journal entry preparation skills for cash transactions, including cash collections and petty cash fund management.

Identify and explain the components of a bank reconciliation and its importance.

---

Definitions:

Cost Accounting

The process of recording, classifying, and allocating all costs associated with the production of goods and services.

Measuring Product Costs

Measuring product costs involves calculating the total expenses incurred in the production of goods, including direct materials, direct labor, and manufacturing overhead.

Work In Process Inventory

Items in the production process that are not yet finished products, including material, labor, and overhead costs applied to them.

Actual Manufacturing Overhead Costs

The incurred expenses related to producing goods that are not directly tied to the product such as utilities, rent, and maintenance.