Match Each of the Following Formulas or Descriptions with the Term

question 137

Multiple Choice

Match each of the following formulas or descriptions with the term (a-e) it defines.
-(Actual Rate per Hour - Standard Rate per Hour) × Actual Hours

• A)Direct materials price variance
• B)Direct labor rate variance
• C)Direct labor time variance
• D)Direct materials quantity variance
• E)Budgeted variable factory overhead

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Definitions:

Cash Register

A cash register is a mechanical or electronic device for registering and calculating transactions at a point of sale, equipped with a drawer for storing cash.

Independent Internal Verification

The audit process within an organization where transactions and processes are reviewed by a person not involved in their execution, aimed at enhancing accuracy and reliability.

Reconciling Bank Statement

The process of ensuring the amounts on a bank statement match the corresponding amounts in a company's financial records.

Segregation Of Duties

An internal control measure where duties are divided among different individuals in an organization to reduce the risk of fraudulent activities.