If the Actual Direct Labor Hours Worked Is Greater Than

question 145

Short Answer

If the actual direct labor hours worked is greater than the standard hours the labor quantity variance will be ___________________ and the labor rate variance will be ____________________ if the standard rate of pay is greater than the actual rate of pay.

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Definitions:

Generally Accepted Accounting Principles

A set of accounting standards and practices that are used in the preparation of financial statements in the United States.

Procedures

The official or established way of doing something, often detailed through a series of steps or actions to be taken.

Guidelines

General rules, principles, or pieces of advice that suggest how something should be done or what something should be.

Account Category

The classification of accounts into different types, such as assets, liabilities, equity, revenue, and expenses, to organize financial information effectively.