A Set of Formal or Informal Ethical Principles an Individual

question 64

Multiple Choice

A set of formal or informal ethical principles an individual uses to make decisions is known as ________.

• A) personal ethics
• B) ethical system
• C) relativism
• D) societal ethics

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Definitions:

Direct Labor-hours

The total hours of labor directly involved in the manufacturing process of a product.

Labor Rate Variance

It is the difference between the actual cost of labor and the budgeted or expected cost of labor.

Standard Cost System

A standard cost system is a method of cost accounting that uses estimated costs for materials, labor, and overheads to compare against actual costs incurred, facilitating variance analysis and budgeting.

Actual Results

The real outcomes or data achieved at the end of a specified period, measured against planned or forecasted figures.