A Favourable Labour Rate Variance Indicates That

question 152

Multiple Choice

A favourable labour rate variance indicates that:

• A) actual hours exceed standard hours.
• B) standard hours exceed actual hours.
• C) the actual rate exceeds the standard rate.
• D) the standard rate exceeds the actual rate.

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Definitions:

Mean Score

The arithmetic average of a set of numerical values, computed by summing the values and then dividing by the number of values.

Confidence Intervals

A span of numerical values, obtained through sample data, which is expected to encompass the value of an unspecified population characteristic.

Lower And Upper Values

The minimum and maximum values in a dataset or for a variable, defining its range.

Reject The Hypothesis

The decision in hypothesis testing that the evidence is sufficient to conclude the hypothesis is not consistent with the data.