Which Measure of Variability Is a Measure of the Average

question 46

Multiple Choice

Which measure of variability is a measure of the average distance from the mean?

• A)standard deviation
• B)range
• C)median
• D)mode

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Definitions:

Labor Quantity Variances

The variance arising when there is a difference between the budgeted quantity of labor required for production and the actual quantity used, expressed in the cost associated with the variance.

Standard Labor Cost

The predetermined cost of the labor required to produce one unit of a product, considering factors like wage rates and productivity levels.

Direct Materials Data

Information regarding the raw materials used directly in the production of goods, crucial for cost accounting.

Standard Materials Price

The predetermined cost of materials that is used in setting a product's budget and evaluating its actual cost performance.