You Have a Hardcopy of a Report That You Found

question 7

Multiple Choice

You have a hardcopy of a report that you found some errors on that must be corrected. The report is three pages long and you have about 20 minutes before a meeting you must attend to present the report. Unfortunately, the report was created on your laptop at home and you have no way of getting to it quickly. What is your best option?

• A)retype the report on your work computer
• B)scan the report and use OCR; fix the errors and re-print the report
• C)use white out and a typewriter to fix the errors
• D)cross out the errors with a pen and hand write the corrections

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Definitions:

Actual Hours

The real number of hours worked, as opposed to planned or scheduled hours.

Standard Cost System

An accounting method that uses cost estimates for materials, labor, and overhead to control business costs.

Variable Overhead Spending Variance

The difference between the actual variable overhead incurred and the expected (or standard) variable overhead based on the actual level of production activity.

Standard Variable Overhead Rate

The predetermined rate used to allocate variable manufacturing overhead to individual units of production.