When a Single Fact Is So Significant That If It

question 35

Multiple Choice

When a single fact is so significant that if it were changed,the outcome of the case would change,it is referred to as:

• A)A primary key fact
• B)A universal key fact
• C)An individual key fact
• D)A secondary key fact
• E)All of the above
• F)Answers a,b,and c above

---

Definitions:

Variances

The differences between expected and actual figures in budgeting and accounting, which can indicate over or under performance.

Materials Price Variance

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

Raw Materials

Basic materials that are used in the production process of manufacturing goods, which are then converted into finished products.

Standard Cost

A predetermined cost of manufacturing, labor, and material as estimated in accordance with standards set by the company.