Explicitly Identifying the Different Employees Who Participate in Each Event

question 59

Multiple Choice

Explicitly identifying the different employees who participate in each event by their job functions is helpful when verifying

• A)internal controls.
• B)job descriptions.
• C)proper supervision.
• D)segregation of duties.

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Definitions:

Quantity Variance

The difference between the actual quantity of materials or labor used in production and the expected (or standard) quantity, affecting cost and efficiency.

Direct Labor Price Variance

The difference between the expected cost of direct labor and the actual cost incurred.

Standard Hours

The predetermined amount of time expected to be required to complete a task or produce a unit of product under normal conditions.

Actual Rate

Often refers to the real, current exchange rate in currency markets, or the real rate of interest or return on investment.