Cornerstones of Managerial Accounting Study Set 2
Quiz 7: Activity-Based Costing and Management
Activities Necessary to Remain in Business Are Called Value-Added Activities
Activities necessary to remain in business are called value-added activities.
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Discretionary activities are necessary to comply with legal mandates.
Costs that are caused by the inefficient performance of value-added activities are non-value-added costs.
The value-added standard is the waste-free component of the value-added activity.
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