Label the Pair of Statements as Either Contrary or Consistent

question 174

Multiple Choice

Label the pair of statements as either contrary or consistent.
-Rosa graduated from high school last year. Rosa has an advanced degree.

• A)Contrary
• B)Consistent

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Definitions:

Labor Rate Variance

The difference between the actual hourly wage paid to workers and the standard or expected wage rate.

Standard Labor Rate

The predetermined hourly wage rate used in cost accounting to calculate labor costs.

Standard Hours Allowed

The number of hours that should have been worked for the actual production achieved, based on pre-established standards.

Standard Costing System

A cost accounting method that assigns a fixed cost to inventory and measures variances against actual production costs to manage business expenses.