The National Security Act of 1947 Created the

question 45

Multiple Choice

The National Security Act of 1947 created the

• A) Joint Chiefs of Staff.
• B) Central Intelligence Agency.
• C) Federal Bureau of Investigation.
• D) Selective Service System.
• E) Department of Defense.

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Definitions:

Direct Materials Price Variance

A measure used in cost accounting that calculates the difference between the actual cost of direct materials and the standard cost expected to be incurred.

Direct Materials Quantity Variance

A measure used in cost accounting to indicate the variance between the actual quantity of materials used and the standard quantity expected to be used in production.

Standard Material Requirement

The predetermined amount of materials specified for the production of a single unit of product, often used in budgeting and controlling costs.

Standard Cost

A predetermined or budgeted cost of manufacturing a product or performing a service, used as a benchmark to measure performance.