Historical Credit Problems Remain on a Credit Bureau's Report for ________

question 97

Multiple Choice

Historical credit problems remain on a credit bureau's report for ________ years while a bankruptcy remains for ________ years.

• A) ten; twenty
• B) seven; ten
• C) eight; fifteen
• D) five; ten

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Definitions:

Standard Costing

A cost accounting method that assigns expected costs to each unit of production to help managers identify variances between expected and actual costs.

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours expected to produce a certain level of output, multiplied by the standard hourly rate.

Labour Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, based on the hours worked.

Direct Material Units

Refers to the physical units of raw materials that are directly traceable and integral to the finished product.