An Acronym Is a Word That Is Similar in Sound

question 33

True/False

An acronym is a word that is similar in sound and spelling to another word but has a different meaning.

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Definitions:

Variable Manufacturing Overhead

Overhead costs that fluctuate with changes in production volume, such as utility expenses and machine maintenance.

Variable Overhead

Indirect production costs that change in relation to the level of production activity, such as utilities for a manufacturing facility.

Rate Variance

The difference between the actual rate and a predetermined or standard rate.

Direct Labor-Hours

The aggregate of direct labor hours required for manufacturing a good or rendering a service.