Within the Context of Quality Control, the Primary Purpose of Continuing

question 41

Multiple Choice

Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide its personnel with

• A) technical training that assures proficiency as a valuation expert.
• B) professional education that is required in order to perform with due professional care.
• C) knowledge required to fulfill assigned responsibilities.
• D) knowledge required to perform a peer review.

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Definitions:

Standard Costs

Standard costs are predetermined estimates of the cost to manufacture a single unit or a number of units of a product during a specific time period.

Variance Standard

A method used in budgeting and accounting to analyze the difference between planned financial outcomes and actual results.

Quantity Standard

A predetermined benchmark of the amount of input that should be used in the production of goods or services.

Quantity Variance

The difference between the actual quantity of material used in production and the standard quantity expected to be used.