Simple Random Sampling

question 92

Multiple Choice

Simple random sampling

• A) is used when there is a need to emphasize one or more types of population items.
• B) requires both input and output parameters to be set when using a random number generator.
• C) is generally used with replacement sampling.
• D) is a probabilistic sampling method.

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Definitions:

Standard Cost Card

A detailed listing of the standard amounts of inputs and their costs that are required to produce a unit of a specific product.

Standard Costing

A cost accounting method that assigns predefined costs to direct materials, labor, and overhead, used to compare against actual costs for performance analysis.

Labour Efficiency Variance

The discrepancy between the actual hours worked and the standard hours expected to produce a certain level of output.

Variable Overhead

Costs that change in proportion with production volume or business activity levels, such as utilities or raw materials.