When Computing Standard Cost Variances, the Difference Between Actual and Standard

question 61

Multiple Choice

When computing standard cost variances, the difference between actual and standard prices multiplied by actual quantity yields a(n) : (CMA adapted)

• A) combined price and quantity variance.
• B) efficiency variance.
• C) price variance.
• D) quantity variance.

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Definitions:

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into five sequential levels from basic physical requirements to the need for self-actualization.

Clinical Research

A branch of healthcare science that determines the safety and effectiveness of medications, devices, diagnostic products, and treatment regimens intended for human use.

Abram Maslow

Abram Maslow was an American psychologist best known for creating Maslow's hierarchy of needs, a theory in psychology that outlines a five-tier model of human needs.

Physiological

Relating to the branch of biology that deals with the normal functions of living organisms and their parts.