The Selection of a Data Element Should Meet Which of the Following

question 46

Multiple Choice

The selection of a data element should meet which of the following criteria?

• A) Can be reused in a different system if it has a different definition
• B) Should be obtainable in the normal work process
• C) Must be unique and clearly definable
• D) Should be used to make decisions important to the organization

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Definitions:

Standard Costs

Standard costs are the predetermined costs associated with manufacturing a product or delivering a service, used as benchmarks to measure performance.

Actual Costs

The real expenses incurred in the production or acquisition of goods and services.

Direct Labor Rate Variance

This measures the difference between the actual cost of direct labor and the expected (or standard) cost, calculated by comparing the actual rates paid to workers versus the planned rates.

Overhead

All ongoing business expenses not directly attributed to creating a product or service. This includes costs like rent, utilities, and salaries of employees not directly involved in production.