The Difference Between Actual Hours Times the Actual Pay Rate

question 25

Short Answer

The difference between actual hours times the actual pay rate and actual hours times the standard pay rate is the labor _________________ variance.

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Definitions:

Bill of Exchange

A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), to a third party (the payee) or to bearer.

Draft

A draft refers to the compulsory enrollment of individuals into military service, or can refer to the preliminary version of a document or plan.

Payee

The person or entity to whom a check, draft, or promissory note is made payable.

UETA

The Uniform Electronic Transactions Act is a law adopted by most U.S. states that establishes the legal validity of electronic signatures and records.