The Spanish Exported Which of the Following Items from the Lands

question 10

Multiple Choice

The Spanish exported which of the following items from the lands they conquered in the Americas?

• A) horses
• B) gold and silver
• C) luxury cloth such as silk
• D) grains such as wheat and barley

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Definitions:

Labour Efficiency Variance

It measures the effectiveness of labor usage by comparing the budgeted hours for a set level of production against the actual hours worked, indicating efficiency or inefficiency in labor use.

Static Budget

A budget that does not change or adjust over the period, established at the start of a period and based on a fixed level of activity.

Standard Costing

A cost accounting system that assigns a fixed cost to inventory with the variance analyzed to improve cost control and management decisions.

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours expected to be worked, multiplied by the standard labor rate.