The Direct Labor Rate Variance Is the Difference Between the

question 71

Multiple Choice

The direct labor rate variance is the difference between the

• A)actual rate and the standard rate
• B)actual costs and the standard costs
• C)actual hours at the standard rate and the standard costs
• D)actual costs and the actual hours at the standard rate

---

Definitions:

Fair Value

The price that would be received for selling an asset or paying off a liability, often the market price for an equity or debt security.

Interest-bearing Note

A debt instrument that requires the issuer to pay the lender interest over the life of the note, in addition to repaying the principal amount at maturity.

Maturity Value

The total amount due to the owner of an investment at the end of its term, including principal and interest.

Notes Receivable

A claim against a debtor for an uncollected amount, typically evidenced by a formal instrument of credit.