The Entity on Which Data Are Collected Is

question 38

Multiple Choice

The entity on which data are collected is

• A)the sample
• B)the element
• C)the population
• D)termed a census

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Definitions:

Fixed Overhead Volume Variance

Fixed overhead volume variance is the difference between the budgeted and actual volume of production, multiplied by the fixed overhead rate, indicating efficiency in production volume.

Predetermined Fixed Overhead Rate

A rate used to allocate fixed overhead costs to produced goods, based on estimated costs and activity levels.

Denominator Activity

The level of activity used to allocate fixed costs in a costing system.

Standard Machine-Hours

A metric used to estimate the amount of machine time required for or used during production based on standard rates.