______ Is/are Major Error(s) with the UCR

question 28

Multiple Choice

______ is/are major error(s) with the UCR.

• A) Underreporting
• B) Overreporting
• C) Definitional differences
• D) Both underreporting and definitional differences

---

Definitions:

Variance

The difference between planned, budgeted, or standard cost and actual cost in accounting.

Standard Costs

The predetermined costs of manufacturing a product or providing a service, used for budgetary and performance evaluation purposes.

Standard Cost

A predetermined cost of manufacturing, serving, or marketing an item, which includes direct labor, direct material, and overhead charges.

Industry Average

A benchmark or norm for a specific industry, calculated as the average of a significant metric (like return on investment) across similar companies.