Products that have been started but are only partially complete at the end of the accounting period are known as
a. materials.
b. work in process.
c. finished goods.
d. cost of goods sold.
b
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In the special bride edition of Martha Stewart Living magazine, its editors describe the latest trends in weddings and give advice on how to create the perfect wedding. In this situation, the editors of the magazine could be considered
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Scenario A: Happy Home Consultants is a growing company that helps city homeowners tackle a variety of home improvements. It plans to expand its business to work with homeowners in several nearby suburbs and to add personnel to help negotiate favorable pricing with local hardware stores for equipment and building supplies. The human resources (HR) department compared the company's current staffing with the number and type of employees the company would need to carry out its business plans. The department also looked into how to obtain new employees. It concluded that the company would need to hire eight new handymen and a contractor while retaining all its current employees. The department gained approval to begin recruiting workers and to revise the pay system. Now the HR department is
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If the cost estimate for a project is a basis for contract awards and performance reporting, it should be a(n) _____ estimate and as accurate as possible
a. budgetary b. definitive c. rough order of magnitude d. analogous