The FactFinder Research Firm Conducted a Survey for a National

question 11

Multiple Choice

The FactFinder Research firm conducted a survey for a national food manufacturer,and one of the issues addressed by the research was to determine how many pounds of fish were annually consumed per capita.In the survey,they found one person who consumed only one pound of fish per year while 10 people reported 200 pounds per year.The range was

• A)200.
• B)1 to 2,000.
• C)201.
• D)199.
• E)None of these are correct.

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Definitions:

Standard Cost Accounting System

A cost accounting system that assigns preset costs to products or services, used for budgeting and controlling expenses.

Ideal Standards

Benchmark levels of performance set under perfect operating conditions, used for budgeting and measuring efficiency.

Materials Price Variance

The difference between the actual cost of materials and the standard or expected cost.

Standard Costs

Predetermined costing used in budgeting and decision-making, representing an expected cost under normal conditions.