All of the Following Statements Are TRUE Regarding Raw Data

question 12

Multiple Choice

All of the following statements are TRUE regarding raw data EXCEPT:

• A)Raw data may be numeric or text.
• B)Raw data without context is meaningless to users.
• C)Information is another name for data.
• D)Raw data is unorganized.

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Definitions:

Variances

The difference between planned or expected financial outcomes and the actual results achieved, often analyzed in budgeting and cost control.

Direct Labor-Hours

The number of hours spent by workers producing a company's goods, a measure of direct labor input.

Standard Cost System

An accounting method where costs are predetermined for product costing, facilitating variance analysis between expected and actual costs.

Fixed Manufacturing Overhead

Indirect costs associated with manufacturing that do not vary with the level of production, such as salaries of managers and depreciation of factory equipment.