Assume That SQ = Standard Quantity,SP = Standard Price,AQ =

question 24

Multiple Choice

Assume that SQ = Standard Quantity,SP = Standard Price,AQ = Actual Quantity,and AP = Actual Price.The correct entry along with the equation to record the issuance and usage of materials,assuming a favorable materials usage variance,is as follows

• A)Work in Process SQ ´ SP Materials Usage Variance (AQ - SQ)SP
• Materials AQ ´ SP
• B)Work in Process SQ ´ SP Materials Usage Variance (AQ - SQ)SP
• Materials AQ ´ SP,
• C)Work in Process AQ ´ AP Materials Usage Variance (AQ - SQ)SP
• Materials AQ ´ SP.
• D)Work in Process AQ ´ AP Materials Usage Variance (AQ - SQ)SP
• Materials AQ ´ SP,
• E)None of these.

---

Definitions:

Environmental Economics

A subfield of economics dealing with the relationship between the economy and the environment, focusing on environmental policies and economic consequences.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be positive or negative.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by everyone and one person's use does not reduce availability to others, such as clean air.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service, including both private costs and any external costs.