The __________ Principle States: "Authority Should Equal Responsibility When Work

question 172

Multiple Choice

The __________ principle states: "authority should equal responsibility when work is delegated from a supervisor to a subordinate."

• A)Scalar.
• B)Span-of-control.
• C)Balance-of-command.
• D)Responsible management.
• E)Authority-and-responsibility.

Understand the principles and applications of process costing in industries with standardized, high-volume production.

Distinguish between process costing and job order costing systems based on the cost object.

Recognize how direct labor, direct materials, and factory overhead are accounted for in process costing.

Identify the usage of Work in Process Inventory accounts for each production process or department in a process costing system.

---

Definitions:

Owner's Equity Statement

A financial document that details changes in the equity of a business's owner(s) over a period of time.

Income Statement

A financial document that shows a company's revenues and expenses over a specific period, culminating in the net income.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a particular date, reporting assets, liabilities, and equity.

Total Assets

The sum of all resources owned by a company, valued in monetary terms.