In Order to Ensure the Effectiveness and Fairness of Your

question 46

Multiple Choice

In order to ensure the effectiveness and fairness of your report,you should

• A) review the entire report in just one sitting to maintain consistency.
• B) review the entire document several times to check for accuracy and precision in logic.
• C) avoid using any gimmicky formatting like bulleted or numbered lists.
• D) avoid asking colleagues to review it because they will dilute the perspective.
• E) avoid discussing the report with decision makers because that might sway their opinions.

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Definitions:

Unfavorable Direct Materials Price Variance

A financial metric indicating that the actual cost of direct materials was higher than the planned or standard cost, leading to a decrease in profitability.

Standard Price

Standard price is a pre-determined cost assigned to materials, labor, and overheads to measure variances in budgeting and accounting.

Direct Materials

Raw materials directly used in the production of goods, easily traceable to the final product.

Theoretical Standard

A benchmark for the most efficient level of operating performance or cost control, assuming perfect conditions.