In Oil refining, we use Job Order Costing. true/ false

Discretionary fixed costs appear in the Balance Sheet. true/ false.

An accounting dept is a Profit Centre. true/ false

The main theme of the Lean Business Model-------------------

Financial statements are prepared on cash basis true/false

In Oil refining, we use Job Order Costing True/false

The T account (Clearing) records the Applied Overhead and Actual Overhead. true/ false

Benchmarking begins with:

a. Completely redesigning a business process to improve it.

b. Determining the constraints within a given manufacturing process.

c. Studying organizations that are the best at a particular task.

d. A determination to only build products to meet specific customer orders.

Prime cost consists of direct materials combined with

direct labour.

manufacturing overhead.

indirect materials.

cost of goods manufactured.