Numerical or Verbal Descriptions That Usually Result from Measurements of Some

question 195

True/False

Numerical or verbal descriptions that usually result from measurements of some sort are called data.

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Definitions:

Labor Efficiency Variance

A measure of the difference between the actual hours worked and the standard hours expected, to produce a certain level of output.

Labor Rate Variance

The difference between the actual labor costs and the budgeted or standard labor costs, often due to differences in wage rates or work hours.

Standard Cost System

An accounting system that assigns predetermined costs to products and services, which are then compared to actual costs for variance analysis.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of production costs.