Which Type of Requisition Is Used for Materials and Standard

question 15

Multiple Choice

Which type of requisition is used for materials and standard parts that are requested on a recurring basis?

• A)Open requisition
• B)Blanket requisition
• C)Traveling requisition
• D)Recyclable requisition (Cyc-Rec)

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Definitions:

Ending Finished Goods

Ending Finished Goods are the inventory of completed products that are available for sale at the end of an accounting period.

Net Operating Income

This is the profit a company makes from its operations, after all operating expenses have been subtracted from revenues but before taxes and interest are deducted.

Contribution Margin

The amount remaining from sales revenue after variable expenses have been deducted, indicating how much revenue is contributing to fixed expenses and net income.

Variable Costing

An accounting method that only considers variable costs (costs that vary with the level of output) when calculating the cost of goods sold and production.