I believe a traveler's check..
Answer:
Explanation:
resources and scarcity are connected.
HOW?????
If we do not have resources, it leads to scarcity.
For example, If we do not have water which is a very precious resource, it leads to scarcity of water.
Hope this helps
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Cost accounting systems are used to Accumulate period cost and assign them to products or services.
Cost accounting systems are useful in both manufacturing and service industries. This system is used to determine product costs, or the total cost of a product, which includes overhead, materials, and labour. According to a number of variables, including worker hours, machine hours, and other considerations, period costs are given to items.
Cost accounting, according to the Terminology of Cost Accounting, is the process of accounting for costs from the point at which expenditure is spent or committed through the development of its final relationship with cost centres and cost units (England).
<u>The purpose and role of cost accounting</u>
These are the primary goals or duties of cost accounting:
- Cost reduction and cost control
- Decision-making, control, and preparation
- Pricing fixation for sales
- Calculating the projected profit or loss for each activity.
Learn more about Cost accounting, here
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Answer:
Total direct material variance= $1,000 favorable
Explanation:
Giving the following information:
Company had a favorable direct materials price variance of $3,000 and an unfavorable direct materials usage variance of $2,000.
<u>To calculate the total direct material variance, we need to use the following formula:</u>
<u></u>
Total direct material variance= price variance +/- quantity variance
Total direct material variance= 3,000 - 2,000
Total direct material variance= $1,000 favorable
