The Process Which Requires the Calculation of an Interval and Then

question 50

Multiple Choice

The process which requires the calculation of an interval and then selects the items based on the size of the interval is:

• A) random sample selection.
• B) systematic sample selection.
• C) computerised sample selection.
• D) statistical sampling.

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Definitions:

Standard Costing

A cost accounting method that uses standard costs for direct materials, labor, and overhead to help managers control costs by comparing expected costs to actual costs.

Isolating Variances

A process in managerial accounting for identifying and analyzing differences between actual and expected performance.

Direct Materials

Raw materials directly traceable and assignable to a manufactured product as it is being produced.

Direct Labour

The labor costs directly attributable to the production of goods or the provision of services.