Statistics That Are Used to Interpret Data and Draw Conclusions

question 53

Multiple Choice

Statistics that are used to interpret data and draw conclusions are called

• A) descriptive statistics.
• B) inferential statistics.
• C) numerical statistics.
• D) significant statistics.

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Definitions:

Standard Costing System

A cost accounting system that uses cost estimates for material, labor, and overhead to calculate a standard cost for products.

Variable Manufacturing Overhead

Manufacturing costs that vary in direct proportion to changes in production volume, such as utilities and indirect materials.

Machine-hours

A measure of production output based on the number of hours machines are operated within a given period.

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard variable overhead assigned to the production based on the actual activity levels.