Increased Saving Today Means

question 189

Multiple Choice

Increased saving today means

• A)more consumption today and in the future
• B)less consumption today and in the future
• C)more consumption today and less in the future
• D)less consumption today and more in the future
• E)more income today, but the net effect of increased income on the balance between consumption and saving cannot be determined in advance

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Definitions:

Job-Order Costing

An accounting system used to assign manufacturing costs to individual products or batches, making it possible to track the cost of specific jobs or orders.

Process Costing

An accounting methodology used for homogenous products that accumulates direct and indirect costs, and then assigns them to units of output on an average basis.

Cost Reconciliation Report

A report used to reconcile the costs between starting and ending inventory levels with the costs of goods manufactured and sold.

Work in Process Inventory

Items that are in the process of being manufactured but are not yet complete.