Audits Done Early in the Project Lifecycle Are Often Focused

question 32

Multiple Choice

Audits done early in the project lifecycle are often focused on __________.

• A)technical issues
• B)management issues
• C)financial issues
• D)personnel issues

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Definitions:

Direct Labor Standards

The expected amount of time and wage rate for workers to complete a unit of production.

Labor Efficiency Variance

A measure of the difference between the actual hours worked and the standard hours expected to produce a certain level of output.

Standard Cost System

An accounting method that uses cost estimates for labor, materials, and overhead to assign costs to products, facilitating variance analysis between expected and actual costs.

Actual Results

The real financial or operational outputs of a business, as opposed to projections or estimates.