Match the Term with the Best Descriptor

question 58

Multiple Choice

Match the term with the best descriptor.
-record keeping aspect of accounting

• A)bookkeeping
• B)bookkeeper
• C)managerial accounting
• D)journal
• E)account
• F)general ledger
• G)audits
• H)internal controls

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the standard cost, multiplied by the quantity of materials purchased, indicating cost management efficiency.

Purchasing Department

The division of a business responsible for acquiring goods, services, and materials necessary for the company’s operations.

Labour Rate Variance

The difference between the actual cost of labor per hour and the standard cost of labor per hour, multiplied by the number of hours worked.

Actual Hours (AH)

The real time spent on a task or project, as opposed to planned or estimated hours.