Which of the Following Measurements Is Likely to Have the Least

question 55

Multiple Choice

Which of the following measurements is likely to have the least variation?

• A)The individual heights of children, measured in inches, in a randomly selected class of sixth grade students.
• B)The individual mass measured in grams of quarters in a randomly selected ten dollar roll of quarters.
• C)The individual weights in ounces of oranges in a randomly selected five- pound bag of oranges at the market.

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Definitions:

Standard Prices

Predetermined prices used in budgeting and cost control procedures for valuing transactions and measuring cost variances.

Direct Materials Quantity Variances

The variance that occurs when the actual quantity of materials used in production differs from the expected quantity.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.

ABC

A method of identifying and assigning costs to specific activities to improve cost accuracy and managerial decision-making.