A New Product Committee Is a Group in an Organization

question 12

Multiple Choice

A new product committee is a group in an organization that:

• A)helps the organization in identifying a suitable partner for a join venture.
• B)looks after all the legal aspects of the organization when it launches a new product in the market.
• C)coordinates and integrates the work of the firm's functional departments on a specific project.
• D)reviews and approves new-product plans that arise elsewhere in the organization.

---

Definitions:

Equivalent Unit

A measure used in cost accounting to express the amount of work done on inventory units in terms of fully completed units.

First-in

First-in, often associated with the accounting method "First-In, First-Out" (FIFO), refers to the principle that the first items added to an inventory are the first ones to be used or sold.

Conversion Costs

The sum of labor costs and overhead expenses associated with transforming raw materials into finished goods.

Equivalent Units

Equivalent units are a concept used in cost accounting to express the amount of work completed in terms of fully finished units, especially in processes involving partial completion of units.