Planning is the process of directing operations to achieve the organization goal
ID: 2435774 • Letter: P
Question
Planning is the process of directing operations to achieve the organization goals and plans. Managerial accounting provides useful information to managers on product costs. Costs other than direct materials cost and direct labor cost incurred in the manufacturing prices are classified as factory overhead cost. Factory overhead cost is sometimes referred to as factory border. The of material and labor that do not enter directly into the finished product are classified as factory overhead. A cost object is how costs are related or identified. Prime costs are the combination of direct labor costs and factory overhead costs. Product costs are also referred to as inventoriable costs. Factory overhead is applied to production using a predetermined overhead base. The relevant activity base for a cost depends upon which base is most closely associated with the cost the decision-making need of management.Explanation / Answer
70 FALSE Planning is the process of setting the goals for organization. 71 FALSE Managerial accounting provides useful information about product and period costs 72 TRUE 73 TRUE 74 TRUE 75 TRUE 76 FALSE Prime Costs are the combination of Direct Material and Direct Labor Cost 77 TRUE 78 TRUE 79 TRUE