Two Types of Plans That Are Differentiated by Their Breadth

question 82

Multiple Choice

Two types of plans that are differentiated by their breadth of application are _____________.

• A) directional and specific
• B) single use and standing
• C) long term and short term
• D) tactical and operational
• E) strategic and operational

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Definitions:

Work In Process

Inventory that includes goods that are in the production process but are not yet completed.

Weighted Average Method

An inventory costing method that calculates item costs based on the weighted average of all units available for sale during the period.

FIFO

An inventory valuation method where the first items placed in inventory are the first sold, standing for "First-In, First-Out."

Process Cost System

An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion.