Examlex
Which of the following is true of ECT?
Labour Time Standard
A benchmark or norm established for the amount of time required to perform a specific task or activity under normal working conditions.
Direct Material Price Variance
The difference between the actual cost of direct materials and the expected (or standard) cost.
Direct Labour Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, based on the standard wages paid for that labor.
Direct Labour Efficiency Variance
A measure used in management accounting to assess the difference between the actual hours worked and the standard hours expected to produce a certain level of output.
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