What Is Master Data Management

question 162

Multiple Choice

What is master data management?

• A) The time it takes for data to be stored or retrieved
• B) The practice of gathering data and ensuring that it is uniform, accurate, consistent, and complete
• C) The tests and evaluations used to determine compliance with data governance policies to ensure correctness of data
• D) When a company examines its data to determine if it can meet business expectations, while identifying possible data gaps

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Definitions:

Efficiency Variance

The difference between the actual amount of resources used in production and the amount that was expected to be used, indicating the level of efficiency in using materials, labor, and overhead.

Denominator Level

A term used in cost accounting to describe the level at which fixed costs are allocated to units of production.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead costs to products, calculated before the period begins based on estimated costs.

Variable Overhead

Costs that vary with the level of production output, such as utilities or indirect materials, but are not directly traceable to a specific unit of product.