Which of the Following Statements Is TRUE

question 74

Multiple Choice

Which of the following statements is TRUE?

• A)Chattels are a type of real property.
• B)Real property can be touched,while personal property consists of things,like debts,that cannot be touched.
• C)"Chose in possession" is another name for personal property,just as "chose in action" is another name for real property.
• D)All forms of property are tangible.
• E)Real property is immoveable.

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Definitions:

Direct Materials Purchases Variance

The difference between the actual cost of direct material purchases and the expected (or standard) cost, adjusted for volume purchased.

Standard Costs

Predetermined costs for materials, labor, and overhead used in budgeting and assessing performance.

Labor Efficiency Variance

A measure of the difference between the actual hours worked by employees and the standard hours expected to complete a task, used to assess labor productivity.

Direct Labor Standards

These standards define the amount of time and the rate of pay anticipated for direct labor required to manufacture a product or provide a service.