In a Standard Cost System,when Production Is Greater Than the Estimated

question 59

Multiple Choice

In a standard cost system,when production is greater than the estimated unit or denominator level of activity,there will be a(n)

• A)unfavorable capacity variance.
• B)favorable material and labor usage variance.
• C)favorable volume variance.
• D)unfavorable manufacturing overhead variance.

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Definitions:

Monte Carlo

A statistical method utilizing random sampling to approximate the probability of certain outcomes in decision making or physical systems.

Discrete-event

Pertains to a type of simulation modeling that represents systems as a series of distinct events occurring at specific points in time.

Deterministic Modeling

A mathematical approach used in planning and decision-making that assumes a certain outcome based on known variables, without accounting for randomness or uncertainty.

Mixed-mode

A method or approach that combines different methods or styles, often seen in research methodologies or learning environments.