Explain the similarities and differences between job order costing and process costing. Focus on the characteristics of each system
The main similarity between a job order costing system and a process costing system is that both provide information about product unit cost that managers can use to price products, control costs, value inventory, and prepare financial statements.
The main difference is that a job order costing system traces product costs to a specific job order or batch of products and uses a single Work in Process Inventory account to summarize the costs of all jobs. This account is supported by job order cost cards. A process costing system traces the production costs to processes, departments, or work cells. A process costing system uses several Work in Process Inventory accounts-one for each process, department, or work cell.
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Explain the four major theories of the causes of the business cycle.
What will be an ideal response?
The author defines organization development (OD) as ______.
a. an effort (1) planned, (2) organizationwide, and (3) managed from the top, to (4) increase organization effectiveness and health through (5) planned interventions in the organization’s “processes,” using behavioral-science knowledge. b. being based on (1) a set of values, largely humanistic; (2) application of the behavioral sciences; and (3) open-systems theory, organization development is a systemwide process of planned change aimed toward improving overall organization effectiveness by way of enhanced congruence of such key organizational dimensions as external environment, mission, strategy, leadership, culture, structure, information and reward systems, and work policies and procedures. c. the process of increasing organizational effectiveness and facilitating personal and organizational change through the use of interventions driven by social and behavioral science knowledge. d. the process by which change is conducted and in which a change agent is more effective.
An obligation imposed by law where there has been no agreement or expression of assent by word or act on the part of either party involved is a(n):
a. implied in fact contract. b. express contract. c. void contract. d. quasi contract.
If the seller has the right to cancel, he may recover damages for breach without having to tender any further performance
a. True b. False Indicate whether the statement is true or false