When the Data Being Studied Are Gathered from a Published

question 17

Multiple Choice

When the data being studied are gathered from a published source,this is referred to as a(n) _______________.

• A)Existing data source
• B)Observational data source
• C)Experimental data source
• D)Cross-sectional data source

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Definitions:

Favorable Cost Variance

A variance that occurs when the actual cost is less than standard cost.

Standard Cost

A predetermined cost of manufacturing, storing, and marketing a product, used for budgeting and performance evaluation.

Variances

Differences between planned or expected financial performances to the actual financial performance.

Standard Costs

Predetermined costs for materials, labor, and overhead that are used as benchmarks to measure actual performance against expected results.