What Term Is Defined as a Set of Tools and Techniques

question 7

Multiple Choice

What term is defined as a set of tools and techniques used for describing, organizing, and interpreting data?

• A)inference
• B)population
• C)sample
• D)statistics

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Definitions:

Variances

Differences between planned, budgeted, or standard costs and actual costs in business operations.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials, labor, and manufacturing overhead.

Accounting Period

A specific period of time used for financial reporting, typically a quarter or year, used to calculate financial performance.

Variable Overhead Spending Variance

The difference between the actual variable overhead costs incurred and the expected (or budgeted) costs, based on the actual level of production activity.