To Summarize the Frequencies of Two Nominal or Ordinal Variables

question 81

Short Answer

To summarize the frequencies of two nominal or ordinal variables and compute conditional probabilities, a ___________ can be used.

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Definitions:

Sales Variances

The differences between actual sales and budgeted or projected sales, often analyzed to assess performance.

Variable Overhead Cost Variance

The difference between the actual variable overhead costs incurred and the standard costs expected for the actual production level.

Direct Labor Cost Variance

The difference between the budgeted cost for direct labor and the actual cost incurred, used as a measure of performance efficiency.

Flexible Budgets

Budgets that adjust or flex based on changes in the volume of activity, allowing for more effective financial control.