Which of the following statements is TRUE of marketing?
A. Marketing is all about advertising and selling.
B. Most aspects of marketing take place behind the curtain of an organization, out of the public's sight.
C. Marketing is no more inherently unethical than other business areas.
D. Unlike most other key areas of business, marketing as a field is not visible by nature.
E. Marketing departments "own" an organization's marketing initiative.
Answer: C
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Ethics are:
A) beliefs or principles that individuals hold concerning what is right and what is wrong B) moral principles that individuals hold concerning what is right and what is wrong C) moral principles that serve as guidelines for both individuals and organizations D) beliefs or principles that serve as guidelines for both individuals and organizations
The weighted average method separates beginning inventory and current production to compute cost per unit of production
Indicate whether the statement is true or false
Which of the following is the last step in developing an activity-based costing system?
A) estimating the total quantity of the cost driver B) estimating the total indirect costs of each activity C) identifying the activities D) allocating indirect costs to the cost object
Petty Corporation has two production departments, Milling and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MillingFinishingMachine-hours 20,000 14,000Direct labor-hours 2,000 8,000Total fixed manufacturing overhead cost$148,000$88,000Variable manufacturing overhead per machine-hour$1.90 Variable manufacturing overhead per direct labor-hour $3.60The predetermined overhead rate for the Finishing Department is closest to:
A. $5.84 per direct labor-hour B. $14.60 per direct labor-hour C. $11.00 per direct labor-hour D. $3.60 per direct labor-hour