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Also Known as the Labor and Management Reporting and Disclosure

question 12

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Also known as the Labor and Management Reporting and Disclosure Act,this legislation protects union members from possible wrongdoing on the part of their unions.Its thrust is to require all unions to disclose their financial statements.


Definitions:

Materials Price Variance

The difference between the actual cost and the standard cost of materials used in production.

Standard

A recognized level of quality or attainment that is used as a benchmark for comparison.

Materials Quantity Variance

The difference between the expected amount of materials needed for production and the actual amount used, affecting production costs.

Standard

Typically refers to an accepted level of quality or achievement that is used as a measure, norm, or model in comparative evaluations.

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