When Droughts, Floods, or Other Conditions Destroy Crops, the Federal

question 14

True/False

When droughts, floods, or other conditions destroy crops, the federal government usually passes legislation that fully covers farmers against most, if not all, losses.

---

Definitions:

Unfavorable

Refers to an outcome or condition that is disadvantageous or against the interests of a person or entity.

Favorable

A term used in accounting and finance to indicate that actual costs were lower than planned or budgeted costs.

Standard Cost System

An accounting system that uses standard costs for products or services for the purpose of controlling costs and assessing operational performance.

Standard Direct Labor-Hours

The estimated amount of labor hours required to produce a unit of product, used in budgeting and variance analysis.