____ Are More Detailed and Specific Than Policies and Describe

question 17

Multiple Choice

____ are more detailed and specific than policies and describe the minimum requirements of a given DBA activity.

• A) Guidelines
• B) Standards
• C) Procedures
• D) Documentation

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Definitions:

Standard Costs

Standard costs are predetermined costs to manufacture a single unit or a number of units of a product during a specific period under current or anticipated conditions.

Direct Materials Price Variance

The difference between the actual cost of direct materials used in production and the expected (standard) cost of those materials.

Overhead

The ongoing business expenses not directly attributable to creating a product or service, such as rent, utilities, and administrative costs.

Standard Labor Hours

The set amount of time expected to be used to complete a specific task or manufacture a product under normal conditions.