An Indicator Variable (Also Called a Dummy Variable)is a Variable

question 123

True/False

An indicator variable (also called a dummy variable)is a variable that can assume either one of two values (usually 0 and 1),where one value represents the existence of a certain condition,and the other value indicates that the condition does not hold.

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Definitions:

Direct Materials Quantity Variance

The difference between the actual quantity of direct materials used in production and the standard quantity expected, valued at the standard cost.