A Trend Percentage Is Computed by Dividing the Dollar Amount

question 83

True/False

A trend percentage is computed by dividing the dollar amount of change by the base-year amount.

Recognize different types of standards (ideal, normal, currently attainable).

Understand the computation of direct labor rate and time variances.

Understand the concept and interpretation of variance analysis in cost accounting.

Calculate and analyze revenue volume and price variances and their impacts on total revenue.

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Definitions:

Semantics

The branch of linguistics and logic concerned with meaning, including the ways in which words and sentences relate to each other and to the objects they refer to.

Morphemes

The smallest meaningful units in the grammar of a language.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used.

Mental Set

A cognitive bias that involves approaching a problem in a particular way, often one that has been successful in the past, which may block or delay the identification of alternative solutions.