All Nominal Data May Be Treated as Ordinal Data

question 69

True/False

All nominal data may be treated as ordinal data.

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Definitions:

Standard Costing System

An accounting method that applies estimated costs to product costs for the purposes of budgeting and inventory valuation.

Direct Labour-Hours

The total hours worked by employees directly involved in manufacturing a product.

Variable Manufacturing Overhead

Manufacturing costs that vary in total directly with changes in production volume, such as utility costs or raw material consumptions.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a specific product.