Which of the Following Abbreviations Is a Lab Test

question 151

Multiple Choice

Which of the following abbreviations is a lab test?

• A)HD
• B)I&O
• C)UA
• D)NS

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Definitions:

Unfavourable Variance

A financial condition where actual costs are higher than planned or budgeted costs.

Overtime Labour

Overtime labor refers to the extra hours worked by employees beyond their regular working hours, often compensated at a higher pay rate.

Direct Material Quantity Variance

The difference between the budgeted amount of materials needed for production and the actual amount used, expressed in cost or quantity.

Standard Price

The predetermined cost that a company expects to pay for materials, labor, and other inputs, used as a benchmark for variance analysis.