Many of the Oil-Producing Countries of the World Organized Themselves

question 61

Multiple Choice

Many of the oil-producing countries of the world organized themselves into a cartel to regulate the production and the pricing of oil: this cartel is called the:

• A)Organization of Oil Producing Countries (OOPC).
• B)Oil Producing Countries United (OPCU).
• C)Organization of Petroleum Exporting Countries (OPEC).
• D)Petroleum Producing Countries United (PPCU).
• E)Association of Petroleum Exporting Countries (APEC).

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Definitions:

Job-Order Costing

A costing system used in situations where many different products, jobs, or services are produced each period.

Breakfast Cereal

A food product made from processed grains that is often eaten as a first meal of the day with milk.

Conversion Costs

Costs incurred during the transformation of raw materials into finished products, primarily including direct labor and manufacturing overhead.

Weighted-Average Method

An inventory costing method that averages the costs of all similar items in inventory and assigns this average cost to the cost of units sold and to remaining inventory.