The Process of Gathering Empirical (Scientific and Specific) Data, Creating

question 78

Multiple Choice

The process of gathering empirical (scientific and specific) data, creating theories, and rigorously testing theories is known as ______.

• A)the sociological method
• B)the scientific method
• C)data collection
• D)theoretical reasoning

---

Definitions:

Predetermined Overhead Rate

A rate calculated before the period begins, used to allocate manufacturing overhead to products based on a specific activity base.

Volume Variance

The difference between planned production volumes and actual production volumes, and its effect on budgeted costs.

Variable Overhead

Costs that fluctuate with changes in production level or activity, such as utilities or materials, within the manufacturing overhead category.

Rate Variance

It is the difference between the actual rate paid for an item or service and the expected (standard or budgeted) rate, often used in budgeting and cost management.