From What Part of the World Does the Oldest Evidence

question 22

Multiple Choice

From what part of the world does the oldest evidence for Homo sapiens come?

• A) Ethiopia
• B) China
• C) South Africa
• D) Australia

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Definitions:

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard cost allocated for the actual level of activity.

Unfavorable

A term used in budgeting and variance analysis to describe a situation where actual costs are higher than expected or budgeted costs.

Favorable

A term used in accounting and finance to describe a situation or variance that results in a better-than-expected financial outcome.

Standard Cost System

A method of cost accounting in which predetermined costs are used for valuing inventory and recording operations, facilitating variance analysis.