Instructions : Choose the Word or Phrase in [ ]

question 95

Short Answer

Instructions : Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
Following an economic trough, the economy will often enter a period of [ expansion | contraction ].

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Definitions:

Direct Labor

The cost associated with employees who are directly involved in the production of goods or services.

Direct Labor Efficiency Variance

A measure used in cost accounting to evaluate the difference between the actual hours worked and the standard hours expected for the production achieved.

Direct Materials Price Variance

The difference between the actual cost of direct materials and the expected (or standard) cost of those materials.

DL Wage Variance

The difference between the budgeted wage and the actual wage paid to direct labor employees.