Benjamin Works in the Accounting Department for a Textbook Publishing

question 57

Multiple Choice

Benjamin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs.He is a:

• A)Managerial accountant.
• B)Financial accountant.
• C)Tax accountant
• D)Auditor.

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Definitions:

Standard Costs

The predetermined expenses for the production of a product or operation of a service, used as a baseline to measure performance.

Direct Labor Wage Variance

The difference between the expected cost of direct labor for production and the actual cost incurred.

Direct Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected, multiplied by the standard labor rate.