The Planning Process Includes

question 108

Multiple Choice

The planning process includes

• A)setting objectives.
• B)identifying means of achieving the objectives.
• C)making decisions.
• D)all of these.

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Definitions:

Mixed Cost

A cost that contains both variable and fixed cost elements.

High-low Method

A technique in managerial accounting used to estimate the variable and fixed cost components of a cost formula, analyzing the highest and lowest levels of activity.

Scattergraph

A graphical method used in statistics to display the values of two variables for a set of data, helping to identify the relationship between them.

Independent Variable

A variable that acts as a causal factor; activity is the independent variable, as represented by the letter X, in the equation Y = a + bX.