Answers That Involve Yes-No,agree-Disagree,or Any Other Instance in Which the Descriptors

question 30

True/False

Answers that involve yes-no,agree-disagree,or any other instance in which the descriptors cannot be differentiated except qualitatively,are examples of ordinal measures.

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Definitions:

Variances

Differences between planned or expected financial performances to the actual financial performance.

Standard Costs

Predetermined costs for materials, labor, and overhead that are used as benchmarks to measure actual performance against expected results.

Cost Of Goods Sold Account

An account in the general ledger that tracks the direct costs attributable to the production of the goods sold by a company.

Budgeted Variable Factory Overhead

The standard variable overhead for the actual units produced.