Loose Leaf Survey of Accounting
5th Edition
ISBN: 9781260152852
Author: Thomas P Edmonds, Christopher Edmonds, Philip R Olds, Frances M McNair, Bor-Yi Tsay
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 6Q
6. Give an example of a financial resource, a physical resource, and a labor resource.
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Cost accountancy is the application of cost accounting:
a.
Science, Principles and practice
b.
Principles, art and profession
c.
Principles, methods, techniques
d.
Science, management and Principles
The trend in financial management is to treat expenditure on human resource as ____
a.
as expense
b.
as liability
c.
as cost
d.
an investment
Define and give examples of the following terms: cost center, revenue center, profit center, and investment center.
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- 18/Which of the following used as a measure of the quantity of resource consumed by an activity? a. Cost driver b. Activity cost driver c. All of these d. Resource cost driverarrow_forwardExplain the following terms: practical capacity, cost of resources supplied, cost of resources used, and cost of resources unused.arrow_forwardDistinguish between investment in physical assets and investment in working capital?arrow_forward
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