If Mable Makes False Representations About Her Financial Position When

question 41

True/False

If Mable makes false representations about her financial position when she obtains an extension of credit,this will bar discharge of her debt to that creditor.

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Definitions:

Direct Material Price Variance

The difference between the actual cost of direct materials and the expected (or standard) cost.

Direct Labour Rate Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, based on the standard wages paid for that labor.

Direct Labour Efficiency Variance

A measure used in management accounting to assess the difference between the actual hours worked and the standard hours expected to produce a certain level of output.

Direct Labour Price Variance

The difference between the actual cost of direct labor and the expected (or standard) cost, based on the actual hours worked.