A Common Resource Is a Good or Service for Which

question 95

Multiple Choice

A common resource is a good or service for which exclusion is:

• A)possible and which is rival in consumption.
• B)possible and which is nonrival in consumption.
• C)not possible and which is rival in consumption.
• D)not possible and which is nonrival in consumption.

Understand and calculate direct labor efficiency variance.

Calculate and analyze direct labor rate variance.

Calculate and understand the direct materials price variance.

Calculate and understand the direct materials quantity variance.

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Definitions:

Direct Labor-Hours

The number of hours worked by employees directly involved in the production process.

Predetermined Overhead Rate

A rate used to allocate manufacturing overhead to individual products or job orders, based on estimated costs.

Machine-Hours

An indicator of the duration a machine is in use over a specific timeframe.

Selling Price

The amount of money for which a product or service is sold to the customer.