The Formal Recognition of a Person as a Professional with Technical

question 12

Multiple Choice

The formal recognition of a person as a professional with technical competence or of an agency that has met minimum standards of a performance is called:

• A) Certification
• B) Accreditation
• C) Registration
• D) Credentialing

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Definitions:

Direct Method

A way of preparing a cash flow statement where actual cash flows from operating activities are listed directly.

Service Department Costs

Expenses associated with departments that do not directly produce goods but provide support services, such as maintenance or security.

Operating Departments

Units or sectors within a business that are directly involved in performing the main function or activity of the organization.

First-In, First-Out Method

An accounting method for valuing inventory that assumes goods are sold in the order in which they are purchased or produced.