Scores or Observations Recalibrated to Indicate How They Relate to a Base

question 12

Short Answer

Scores or observations recalibrated to indicate how they relate to a base number are called ____________________ numbers.

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Definitions:

Direct Labor Time Variance

The difference between the actual time spent on production and the standard time expected, multiplied by the direct labor rate.

Actual Costs

The real costs incurred in the production, acquisition, or other activities of a business, as opposed to estimated or budgeted costs.

Standard Costs

An accounting practice where predetermined costs are used for calculating the cost of production, often for budgeting and performance evaluation purposes.

Direct Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.