Records Kept for Reference Purposes as Relatively Permanent Data Constitute

question 14

Multiple Choice

Records kept for reference purposes as relatively permanent data constitute a

• A)master file
• B)transaction file
• C)detail file
• D)both b and c

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Definitions:

Direct Labor Cost Variance

The difference between the budgeted or standard cost of direct labor and the actual cost incurred, used in variance analysis for cost control.

Factory Overhead Cost Variance

The difference between the actual overhead costs incurred and the expected (or standard) costs, relating to production.

Variances From Standard

The differences between actual costs and the standard (expected) costs set by a company for its products or processes.

Finished Goods Account

An accounting ledger where the value of a company's inventory of products that are complete and ready for sale is recorded.