Which of the Following Does NOT Describe Cost Management System

question 14

Multiple Choice

Which of the following does NOT describe cost management system?

• A)evaluation of segments or products within the firm
• B)emphasis on the future
• C)externally focused
• D)focus on effective use of resources

Understand the influence of historical and contemporary factors on racial and ethnic dynamics.

Understand various research methods used in psychology.

Recognize the importance of critical thinking in psychological research.

Understand the role of observation in psychological research.

---

Definitions:

Work in Process

Work in Process (WIP) is an account used in inventory accounting that tracks the cost of materials and labor for products that are at various stages of production but are not yet completed.

Overhead Controllable Variance

The difference between actual and budgeted overhead costs that is directly manageable or controllable by management.

Fixed Overhead

Indirect costs of production that are not affected by the volume of production, such as rent, salaries, and utilities.

Materials Price Variance

The difference between the actual cost of materials used in production and the expected (or standard) cost.